Saudi Energy Minister Prince Abdulaziz bin Salman confirmed that Saudi Arabia seeks to ensure the immunity of the three pillars of the energy world: securing necessary energy supplies, continuous economic development by providing reliable energy sources, and facing climate change.
He underscored that these three pillars must be observed without sacrificing one for the other.
He noted the role of OPEC and non-OPEC producing countries (OPEC+) in securing an unprecedented achievement in global energy markets, at a meeting held at the beginning of 2020, which, he said, witnessed a distinctive model of cooperation and joint work in order to organize the largest supply cut in history.
He said that this procedure successfully led to achieving its goal of stopping the dangerous and unprecedented decline in global energy markets.
“Since last summer, we have developed a careful and balanced plan to restore supplies to meet the increasing needs of the global economy, which is recovering,” he said, adding that the frequency of OPEC Plus meetings shows its serious commitment to managing dynamic and unpredictable events transparently.
“This has exacerbated the uncertainty and contradictory signals in policy-making in some parts of the world,” he stated.
The energy minister affirmed that Saudi Arabia would continue to invest in clean oil and gas and expand the country’s production capacity.
Prince Abdulaziz has warned that the sharp decline in investment in oil and gas threatens energy security, stating that there is a real danger.
“The danger is that the world will not be able to produce all the energy it needs to promote recovery,” he said on Sunday during the inauguration of the 2022 International Petroleum Technology Conference (IPTC).
This lack of investment harms the interest of energy consumers and creates challenges for policymakers by increasing prices and raising concerns related to the shortage of supplies, he said.
The minister indicated that the campaign against new investments in oil and gas has a short-term outlook, and its negative effects on the recovery of the global economy and the welfare of families have begun to appear.
