CEOs of ExxonMobil, TotalEnergies, Shell, and BP have withdrawn from the Riyadh summit, which was set to discuss the future of the oil and energy industry, due to security concerns. This decision was made following several attacks on Riyadh airport and increasing security tensions in the region.
Attacks on Riyadh Airport
BP announced that efforts were made to attend this conference, but travel disruptions prevented its representatives from being present. According to Saudi officials, this attack, which is the third on Riyadh airport in the past week, has been described as a "cowardly terrorist attack," and a decisive response has been promised. Under these circumstances, the airport remained closed, and foreign embassies advised their citizens to avoid the area.
Impact on the Energy Market
Yemeni armed forces announced that they targeted Riyadh and Dammam airports, along with two Aramco oil facilities in the Eastern Province, using ballistic and cruise missiles and drones. Yahya Saree, spokesperson for the Yemeni armed forces, emphasized that they will continue operations within Saudi territory and warned airlines, employees, and passengers regarding the use of Saudi airports and airspace. This situation has significantly impacted energy markets amid the expanding consequences of the American-Zionist war against Iran, driving up global oil prices.
In this context, Majid Al-Madhaji, one of the founders of the Sana'a Strategic Studies Center, pointed to civilian casualties resulting from these attacks and emphasized that these attacks send a message about increasing the costs of Saudi decisions by threatening human lives and economic activities. In September, forces backed by the government based in Sana'a took control of areas overlooking the Bab al-Mandab Strait, enhancing their ability to monitor and target Saudi vessels.
In response to these threats, Saudi Arabia is seeking to strengthen its defensive support for its allies. Emmanuel Macron, the President of France, announced last month the deployment of troops and defensive equipment to protect the Yanbu oil terminal on the Red Sea. This terminal has gained greater importance for crude oil exports following the closure of the Strait of Hormuz. Saudi Arabia, Pakistan, and Turkey also announced last week the activation of a joint defense agreement aimed at ensuring the rapid deployment of forces in the Kingdom of Saudi Arabia.
Read more: Opportunities in the Petrochemical Industries in Iraq and the Unemployment Challenge · Shell Approves Phase Two of Canada LNG Project
