Big Oil CEOs pull out of Riyadh congress after airport attack

Summary

• Exxon, Shell, BP and TotalEnergies chiefs withdrew from Riyadh's energy congress after Saturday's airport attack.
• The Houthi missile strike on King Khalid International Airport killed 12 people and injured more than 300.
• Withdrawals signal rising security risk to Saudi Arabia's flagship investment events and its oil export infrastructure.

The latest

The chief executives of ExxonMobil, Shell, BP and TotalEnergies all pulled out of the World Petroleum Council congress in Riyadh, which opened Sunday, after a Houthi missile attack on King Khalid International Airport killed 12 people and injured more than 300, according to two people with knowledge of the matter. Saudi Arabia called the strike a terrorist attack and promised a decisive response.

Details

• The attack: Saturday's strike was the third on King Khalid International Airport in a week, Saudi authorities said. A fourth followed Sunday, when a fire broke out in a different terminal after a cruise missile was intercepted. The airport remained closed on Sunday.
• BP's explanation: BP said it had made every effort to participate and blamed travel disruption for its absence, adding that it values its longstanding partnerships across the region. Shell declined to comment. Exxon and TotalEnergies did not immediately respond to requests for comment.
• Houthi claims: The group said it struck Riyadh's airport with ballistic missiles, cruise missiles and drones, and also targeted Dammam airport and two Aramco oil sites in the Eastern Province. Military spokesman Brigadier General Yahya Saree said operations deep inside Saudi Arabia would continue.
• Warnings to travellers: A Houthi spokesman issued renewed warnings on Sunday to airlines, workers and passengers against using Saudi airports or airspace. The embassies of the United States, Germany and other countries have advised their citizens to avoid the Riyadh airport.
• Events still on: Saudi officials said the energy congress and the Future Investment Initiative, the kingdom's flagship conference scheduled for this month, would both go ahead. The FII typically draws top executives from around the world. No change to either schedule was announced.
• Allied defences: Saudi Arabia has asked allies for defensive support. French President Emmanuel Macron said last month France would send soldiers, radars and defence systems to protect the Yanbu oil terminal on the Red Sea, a vital crude outlet after the shutdown of the Strait of Hormuz.
• Defence pact: Saudi Arabia, Pakistan and NATO member Turkey said last week they had triggered a mutual defence pact for the first time, aimed at ensuring rapid deployment of Pakistani and Turkish forces and capabilities to the kingdom. No deployment timetable was given.
• Washington's position: President Donald Trump said Saturday the United States would look at whether to strike the rebels and would decide quickly. He called the attack a terrible thing, said he planned to speak with Crown Prince Mohammed bin Salman, and said Washington has communication with the Houthis.
• Why Trump hesitates: Trump has so far been reluctant to join the Saudi campaign as American interceptor stockpiles remain depleted after months of war with Iran. The Houthis have previously said they would not attack US targets.
• Saudi vulnerability: Ali Shihabi, a Saudi commentator familiar with Riyadh's thinking, said the kingdom's size and the number of facilities needing protection pose a challenge, citing critical infrastructure in the east and the pipeline and facilities in the west. Turkish and French air defences are arriving, he said.

Background

Saudi Arabia intervened in Yemen's civil war in 2015 after the Houthis seized Sana'a. A 2022 truce largely held until July, when the Houthis declared a blockade on Saudi Red Sea ports and began attacking tankers and oil infrastructure. In September they took areas overlooking the Bab al-Mandeb Strait.

Between the lines

Maged al-Madhaji, co-founder of the Sana'a Center, wrote on X that the repeated strikes and heavy civilian toll carry a deliberate message: raise the cost of Saudi decisions by threatening civilian lives, economic activity and confidence in the country's security. The CEO withdrawals and the embassy advisories suggest that cost is already registering.

What's next

Watch whether Trump speaks with Crown Prince Mohammed bin Salman and decides on US strikes, whether the Riyadh airport reopens, and attendance at the Future Investment Initiative this month.

Source: Financial Times, Reuters