Monday, 17 June 2024

Minister of Energy: We do not target prices, but rather to make ‎market less volatile and more sustainable

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Prince Abdulaziz bin Salman, Minister of Energy, confirmed that the Kingdom does not aim for prices, but rather for the market to become less volatile and more sustainable and predictable.

During his participation in the ministerial dialogue session at the World Petroleum Conference in Canada, he said that the basic foundation of energy security is a sustainable and stable market, and without it there will not be the clarity and vision required for investors, indicating that the same applies to the clarity of emerging policies.

The Minister of Energy stressed that all the things that the International Energy Agency warned about did not happen, adding that the agency “moved away from anticipating market conditions to play a political role, and became ideological.”

He pointed out that the behavior of OPEC Plus is no different from a central bank and a group of central banks, stressing that the world will go from one energy crisis to another if supply chains are not well planned.

He added, “We fully believe that we are the lowest-cost producer of renewable energy and clean hydrogen in the world.”

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