The Minister of Energy, His Royal Highness Prince Abdulaziz bin Salman, was surprised by the fact that whoever finances the attacks on global energy security with the repeated attacks on Saudi oil facilities is unfortunately one of the members of OPEC, in response to the question of the Director of the Energy Dialogue Session at the World Government Summit 2022.
Energy Minister Prince Abdulaziz bin Salman replied by asking questions: “Who is firing these missiles at Saudi Arabia and Abu Dhabi? Who is financing, training and supplying those weapons? It is a member of OPEC, and I will leave you to think in that!” Prince Abdulaziz bin Salman’s questions were met with a loud storm of cheers from the audience.
He concluded that the OPEC and OPEC + have taken the optimal decision to displace the (IEA) International Energy Agency through the alliance of major producers in the world. They are proceeding, under the leadership of the Kingdom, the head of the OPEC + alliance, to maintain balanced oil supplies in the international oil market that enhances the global economy.
As the alliance succeeded in curbing the production of billions of barrels of oil since May 2020, when the world demanded that Saudi Arabia take its leading role in reviving the OPEC + alliance, which collapsed for a while and with it the oil markets collapsed to the point of free selling in April 2020.
The Kingdom succeeded in bringing the world together with the largest joint global production cut from about two million to 10 million barrels per day, with the participation of more than 20 countries that bring together OPEC and its partners in the OPEC + alliance. The Kingdom reformed the world’s markets, enhancing stability for the global economy.
The Saudi Energy Minister had warned the world that energy security is essential to achieving economic growth and prosperity, and facing climate challenges, in order to achieve a smooth energy transition.
His Highness said, without energy security, there will be no smooth transition of energy, and addressing climate change requires a lot of funding, investment and programs. His Highness has always warned of the dangers of stopping investment in oil and gas, describing the anti-investment campaign as “short-sighted”, and it will severely affect the recovery of the global economy and the world’s well-being.
OPEC + decided to stop using the data of the International Energy Agency, and replace it with reports from Wood Mackenzie and Rystad Energy. OPEC+ uses the data to assess crude oil production and the extent to which participating countries comply with agreed production restrictions.