British PM meets Saudi crown prince as Ukraine war roils oil prices

RIYADH — British Prime Minister Boris Johnson met with oil-rich Saudi Arabia's Crown Prince Mohammed Bin Salman to lobby for higher production on Wednesday after Russia's invasion of Ukraine sent markets into turmoil.

Johnson spoke with Prince Mohammed after talks with Abu Dhabi Crown Prince Mohammed Bin Zayed in the United Arab Emirates.

The UK leader is hoping the oil-rich Gulf states will raise production to help calm oil prices, which soared to nearly $140 a barrel before dropping below $100, and help end the West's dependency on Russian oil following the invasion.

In their talks, Johnson and Prince Mohammed discussed "regional and international issues of common interest and efforts exerted in their regard, including the developments in Ukraine", the official Saudi Press Agency said, without mentioning any talks on oil.

Johnson met Prince Mohammed after discussing "the stability of the global oil markets" with UAE’s Sheikh Mohammed, according to the UAE's official WAM news agency.

"The leaders welcomed the long-standing partnership between our two countries and discussed opportunities to increase collaboration between the UK and UAE on energy security, green technology, and trade," a Downing Street spokesperson said.

Before leaving for Riyadh, Johnson promised to raise human rights issues with Prince Mohammed, but he also stressed Britain's "very important relationship" with the oil-rich Gulf.

"It's not just a question of looking at the OPEC countries and what they can do to increase supply, though that is important," Johnson told British media.

"When we look at the dependency the West in particular has built up on Putin's hydrocarbons, on Putin's oil and gas, we can see what a mistake that was because he's been able to blackmail the West."

The UAE and Saudi Arabia are the UK's two largest economic partners in the region, with bilateral trade worth £12.2 billion and £10.4 billion respectively in 2020, Johnson's office said.

Russia is the world's largest producer of gas and one of the biggest oil producers.

Like the United States, Britain plans to phase out Russian oil imports by the end of the year, as part of wide-ranging sanctions targeting Russian businesses and billionaires.