Saudi Energy Minister warns of strategic reserves importance in emergency times

The Saudi Minister of Energy, Prince Abdulaziz, discussed during his meeting with the magazine “Energy Intelligence” a discussion about the future of energy in the world, specifically the Saudi energy sector.

The meeting touched on occurrences in the world’s energy markets.

They talked also about other events that focus on the sector’s future in the coming years.

The Saudi Minister of Energy also spoke about Saudi Arabia’s role in securing energy for the world, at reasonable prices, and in appropriate quantities.

Saudi Energy Minister’s frankness in speaking about the oil price crisis

Prince Abdulaziz’s speech was characterized by absolute frankness and transparency, especially when he touched on the oil markets.

He talked frankly about a significant decline in the prices of oil witnessed in the past years.

the Minister also talked about oil market recovery and the Kingdom’s role in this aspect.

The Minister talked frankly for a long time about the reserve of production capacity and global emergency stocks.

He emphasized its importance in order to use it during emergencies that the world is witnessing, whether in times of crisis.

The minister referred to the global crisis such as the Ukrainian-Russian war, and the Corona pandemic, and their economic effect

Prince Abdulaziz considered that the strategic oil reserve constitutes a basic safety net for the oil market.

He asserted that the oil reserve enables the world to face potential shocks.

He pointed to the importance of implementing policies that support the investments required to increase production capacity.

It helps to support maintaining appropriate and sufficient levels of global emergency stocks.

Prince Abdulaziz’s speech revealed, indirectly, the secret of the investments that the Kingdom has made in recent years in energy projects.

Where he indicated Saudi Arabia’s desire to expand, to secure the largest quantities of oil in the global markets.

These investments were proactively focused on enhancing the Kingdom’s production capabilities, to reach 13.3 million barrels per day by 2027.

The Kingdom believes that securing energy for the world is a must, in order to support its stability and the sustainability of the production wheel.