Saudi Arabia 'not responsible' for high oil prices

Saudi Arabia has said that it “won't bear any responsibility" for a shortage in global oil supplies after a fierce barrage of attacks by Yemen's Houthi rebels affected production in the kingdom, the world's largest oil exporter.

The unusually stark warning marked a departure from the giant oil producer's typically cautious statements, as Saudi officials remain aware that even their smallest comments can swing the price of oil and rattle global markets.

The announcement comes as the kingdom remains in lockstep with OPEC and other oil-producing countries in a deal limiting production increases. 

Gulf Arab oil producers have so far resisted pressure from the Biden administration to pump more crude to help bring down oil prices that have soared amid Russia's attack on Ukraine.

Already, gasoline prices have hit record highs around the world. 

Gas prices in the US topped $4.25 on Monday, according to auto club AAA, just below the historic record of $4.33 reached earlier this month.

“The international community must assume its responsibility to preserve energy supplies," the Saudi statement added, in order to deter attacks that jeopardise “the kingdom’s production capability and its ability to fulfill its commitments."

The international oil benchmark Brent crude hovered over $112 a barrel in trading Monday, up more than 4 percent for the preceding session. 

The price remained below a peak of nearly $140 hit earlier this month, but still some $15 a barrel more than before the Russian attack on Ukraine.

READ MORE: Houthi attacks target Saudi Arabia, causing damage - Coalition

Houthi's attack on a petroleum distribution centre

On Sunday, Yemen's Iran-backed rebels launched one of their most intense series of attacks targeting the kingdom's oil and natural gas production, sparking a fire at a petroleum distribution centre in the port of Jiddah, the country’s second-largest city, and disrupting production at a petrochemicals complex in Yanbu on the Red Sea coast.

The Saudi Energy Ministry acknowledged a temporary drop in oil output at the 400,000-barrel-a-day Yanbu site, without elaborating.

After Sunday's strikes, a senior administration official confirmed that the United States has transferred a significant number of Patriot antimissile interceptors to help Saudi Arabia thwart the barrage of Houthi drone and missile attacks.

Even before Russian tanks rolled into Ukraine, global energy supplies were struggling to keep pace with surging post-pandemic demand. 

The West's punitive sanctions on Moscow, among the world's largest oil producers and exporters, unleashed more turmoil on the market.

READ MORE: US fortified Saudi's Patriot missile supply amid surge in Houthi attacks