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Houthis Warn Oil Firms To Leave Saudi Arabia And The UAE

Yemen's Houthis have warned oil companies operating in Saudi Arabia and the United Arab Emirates (UAE) to pack up and leave as the warring sides in the Yemeni conflict failed to reach an agreement to extend the six-month truce.

Fighting in Yemen has been ongoing for over seven years now after the Iran-affiliated Houthis overturned the elected president, which prompted Saudi Arabia to wage war on the rebel group. In response, the Houthis have made Saudi Arabia's oil facilities their preferred target of attacks.

Yemen's Armed Forces' spokesman Yahya Saree wrote on Twitter this weekend, warning oil firms to organize and leave Saudi Arabia and the UAE.

"As long as the American-Saudi aggression countries are not committed to a truce that gives the Yemeni people the right to exploit their oil wealth in favor of the salary of the Yemeni state employees, the armed forces give oil companies operating in the UAE and Saudi Arabia an opportunity to organize their situation and leave," Saree wrote, adding "forewarned is forearmed."

"If the Saudi and Emirati coalition continue to deprive our Yemeni people access to their resources, our military forces can, with God's help, deprive them of their resources," the Yemeni military spokesman added.

Meanwhile, UN Special Envoy to Yemen Hans Grundberg said on Sunday that he regrets "that an agreement has not been reached today, as an extended and expanded truce would provide additional critical benefits to the population."

"As negotiations continue, the UN Special Envoy calls on the parties to maintain calm and refrain from provocations or any actions that could lead to an escalation of violence," the UN statement reads.

Two months ago, Yemen's Houthi-led government accused the country's Saudi-backed coalition forces of siphoning off $13 billion in Yemeni oil revenues over the past five years, with reports claiming that another $180 million in looted oil left the country on a Greek oil tanker in August.

In a tweet published by local media sources, Houthi National Negotiation Delegation official Abdul Malik Al-Ajri claimed that the $13 billion "looted" from Yemen's oil revenues is based on figures from OAPEC (Organization of Arab Petroleum Exporting Countries) and maritime traffic data. 

By Michael Kern for Oilprice.com

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  • George Doolittle on October 03 2022 said:
    Natural gas continues to get hammered here in price which given Nordstream Pipelines being destroyed one would think the opposite be the case. I can see oil jumping in price on news of Ukraine suddenly threatening the vast pipeline Network of the Caucuses as Russia meets one military defeat after another now.

    Remarkable to see the USA having *ZERO* interest in Diplomatic Resolution of this clearly a World War 3 in Europe catastrophe now. Anyhow I prefer turnaround Tuesdays to Manic Mondays as a bull.

    Tesla has only begun to flood the US Das Auto market with pure BEV at the moment. Be interesting to see if US President Joe Biden outlives Russian President Vladimir Putin as both seem to have kind of died in Office already politically speaking.

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