The Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia Ali bin Ibrahim Al-Naimi, said the Kingdom of Saudi Arabia is proud of playing a positive role in world economic development through the supply of the world with energy necessary for prosperity in addition to the permanent moderate standing in oil markets and the efforts exerted to ensure the adequacy and supply balance in the oil market. He added that the Kingdom cooperates with all parties to achieve stability in the world oil market to reduce the volatility of the market and ensure adequate supplies to meet the demand at all times. In a key address in his capacity as chairman of the 4rth session at the 11th International Forum, which lasts for two days, he underscored the importance of energy in the relationship between the producing and consuming countries. He said / / we all share the view that energy is the lifeline for all economic activities and patterns of modern life. With the growth of the economies of the countries and higher standards of living, the demand for energy increases due to high rates of economic growth and development / /. Al-Naimi said that the forum aims at conducting dialogue about the future of energy and addressing issues facing producing and energy-consuming and continuing to provide the world with fuel in the future. He said / Recently, I noted the presence of an unprecedented level of uncertainty, suspicion and even fear, in discussions on the future of energy and its impact on the global economic outlook. Rising oil prices, and unconfirmed reports on oil hitting its production peak and the beginning of fall, and political tensions, and the new role of oil as a stock market, concerns about climate changes, and the growing popularity of the concept of independence of energy, all these things increase levels of concern among producers and consumers alike / /. He added: / / admittedly, we face a lot of uncertainties. The talk about the depletion of oil raises fears of consumers from supply shortages and inadequate fuel for the continuation of economic growth. At the same time, calls for finding oil alternatives of fuel as a pretext for energy security is a matter of concern to producers, making them feel that they face a future of declining demand for their product, which represents a main source of national income to them. -- More
