Saudi and Turkish defense ministers discuss military cooperation in Jeddah    Al-Ula's palm groves keep generations connected to the land    Trade war escalates as Trump metal tariffs take effect    Saudi, US defense ministers discuss over phone efforts to strengthen security cooperation    Hosting US-Ukraine talks reflects Saudi Arabia's balanced relations, Cabinet affirms    Al Hilal crushes Pakhtakor to storm into AFC Champions League quarter-finals    Mahrez magic sends Al Ahli into AFC Champions League quarter-finals    Al Taawoun edges Tractor in penalty thriller to reach AFC Champions League Two semi-finals    Al-Jadaan and his US counterpart discuss ways to enhance financial and economic cooperation    Saudi Aramco CEO calls for a new global energy model at CERAWeek 2025    Dozens brought ashore after oil tanker and cargo ship collide in North Sea    Moscow hit by largest drone attack in three years, officials say    Saudi Arabia welcomes agreement for integration in Syria    Unfurling rich legacy and national pride, Saudi Arabia is celebrating Flag Day on Tuesday, March 11    Duran and Ronaldo shine as Al Nassr cruise past Esteghlal into AFC Champions League quarter-finals    Singer Wheesung who wooed Korea with his ballads, found dead at 43    Liquidity in Saudi economy records annual growth of SR236 billion in 2024    Prince Frederik of Luxembourg dies from rare disease    Real-life shipwreck story wins major book award    Islamic Arts Biennale celebrates Ramadan with 'Biennale Nights' in Jeddah    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Assistant Minister of Petroleum and Mineral Resources for Petroleum Affairs: The World We Live in Is Changing Faster than Ever Leading to the Emergence of New Patterns of Economic Relations 5 Riyadh

term fundamentals of the energy complex remain robust. In the oil market, like any in other market, temporary factors such as concerns about global economic recovery, geopolitical events, and positioning in paper markets, can affect short-term price movement. But for a major oil producer and exporter such as Saudi Arabia with long-term interest in the stability of the market, such daily, weekly or even monthly gyrations have little meaning, and constitute a source of noise around a solid trend. Instead, the main focus of the Kingdom has always been on the medium and long-term fundamentals, especially as Saudi Arabia has been successful in the last few years at increasing its economic resilience against temporary weaknesses in oil markets, as a result of its prudent fiscal and monetary policies.
The GCC will continue to play a central role within this complex energy system. Views that the US shale will erode the important role that Saudi Arabia and other Gulf producers have played in global energy markets are misguided. In addition to the size of its reserves and its production, a key factor that makes Saudi Arabia stand out is that it is the only country with usable spare oil production capacity. In case of supply disruptions due to geopolitical or technical factors, and there have been many such disruptions in recent years, Saudi Arabia has used its spare capacity to fill the supply gap and stabilize oil prices. Between 2011 and 2013, it is estimated that more than 1.6 billion barrels of oil production were lost due to outages. GCC producers have proactively used their spare capacity to fill the gap and prevent oil prices from spiraling. The combined output of Saudi Arabia, Kuwait, Qatar, and the UAE has risen from around 14 million b/d prior to the start of the Arab Spring, to above 16 million b/d for much of the last three years, the Assistant Minister of Petroleum and Mineral Resources for Petroleum Affairs said.
--More
19:41 LOCAL TIME 16:41 GMT
تغريد


Clic here to read the story from its source.