RIYADH: Achieving global power security is everyone’s responsibility, according to Saudi Energy Minister Prince Abdulaziz bin Salman.
Speaking at the International Petroleum Technology Conference in Dahran on Feb. 12, the minister said that the Kingdom is continuously working toward ensuring market stability.
He added that Saudi Arabia has significant surplus oil production capabilities.
“We are ready to tweak up or downwards at any time, whatever the market necessity dictates,” said the minister.
In April 2023, in accordance with the agreement made by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, Saudi Arabia decided to reduce oil output by 500,000 barrels per day, which has now been extended until the end of December 2024.
To ensure market stability, the Kingdom also pledged an additional oil output cut of 1 million bpd in July, which continued until the end of December 2023.
During the speech, the energy minister added that the oil demand is consistently larger than some projections.
“Our job is not to be comfortable, our job is to be attentive,” said Prince Abdulaziz.
Talking about the ongoing efforts related to energy transition, the minister opined: “We are the ones who changed the vocabulary. Ever since COP28 (UN Climate Change Conference), no one is talking about phasing up or down. Everyone is talking about our word, which is transitioning.”
Established in 2005, this year’s IPTC began on Feb. 12 and will run through Feb. 14.
The event is expected to attract over 20,000 energy professionals from around the globe and feature more than 500 technical presentations.
In January, the Kingdom’s energy minister stressed the need for joint efforts to ensure the stability of the oil market, saying it is “not the responsibility of Saudi Arabia alone.”
He made these remarks in a video message to the Baker Hughes 2024 annual meeting in Florence.
“Saudi Arabia and its partners have always been proactive in supporting the stability of the oil markets, but we believe that the health and safety of the international oil market is not the responsibility of Saudi Arabia alone but also the duty of all players in the global oil market,” said Prince Abdulaziz.
The minister added that the world’s continued economic growth depends on maintaining secure and reliable energy supply chains.