Saudi Arabia affirms its commitment for a ban on chemical weapons    Saudi Arabia and Morocco emphasize keenness on strengthening cooperation across various realms    EU leaders meet to discuss Ukraine's future as Trump pushes for fast peace deal    Saudi taekwondo champion Dunia Abu Talib tops world rankings, making history    Gaza food prices soar after Israel halts aid deliveries    Boom to gloom: India middle-class jitters amid trillion-dollar market rout    Real-life shipwreck story wins major book award    Bangladesh leader likens Sheikh Hasina regime to 'terrible tornado'    Seven injured after South Korean fighter jet accidentally drops bombs    Islamic Arts Biennale celebrates Ramadan with 'Biennale Nights' in Jeddah    Tawakkalna offers a package of religious services during Ramadan    Ministry ranks Saudi auto dealers — Abdul Latif Jameel has longest waitlist, Al-Naghi records longest delivery time    Haram Authority launches smart luggage storage service New service is available around the clock during Ramadan    New boxing promotion led by Turki Al-Sheikh, TKO, and Sela set to transform the sport    Okaz and Saudi Gazette Esports    Saudi Arabia attracted 2.5 million sports tourists in four years, says ministry    PIF and Italy's SACE sign MoU to boost financial collaboration with up to $3 billion in project support    Nora Razian and Sabih Ahmed appointed artistic directors for 2026 Diriyah Contemporary Art Biennale    Al Hilal stumble in Tashkent as Pakhtakor claim first-leg advantage in AFC Champions League Round of 16    HONOR unveils New Corporate Strategy to Transition to an AI Device Ecosystem Company Illuminating a three-step roadmap underpinned by openness and collaboration    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.



Minister Al-Naimi delivers speech 5 Geneva
Published in Saudi Press Agency on 31 - 01 - 2011


intensive nature of the oil industry.
It is in the interests of producers and consumers alike to work toward more stable oil prices, predictable energy and investment policies, and predictability of demand, all of which foster a climate conducive to the oil industry's deep levels of investment in technology and human resource development.
Will oil prices continue to climb in the future, as demand rises? Ultimately, the answer to that question will be determined by our ability to develop and deploy new technologies with the goal of adequately expanding supplies.
As we have established, reserves are an economic phenomenon. Technology has continuously come on board throughout the history of the oil industry - and that is true today.
Innovation is revolutionizing oil, making it more accessible and more sustainable at every stage. Technology is allowing those ample resources to become reserves at progressively lower costs.
For a compelling example of how technology and innovation can be game changers in the energy business, we need look no further than the sudden prominence of shale gas in the United States energy mix.
Five years ago, the overwhelming consensus was that the United States was running out of natural gas; plans thus were underway to increase imports of liquefied natural gas.
Today, however, thanks to the application of new technology to unconventional shale gas fields once thought uneconomic to produce, the U.S. is awash in natural gas, to the extent that export is a possibility, given supplies sufficient to meet current domestic demand levels for the foreseeable future.
The clear lesson is that the resource base is there, and that technology will determine how much we can convert into reserves and supplies, and at what cost.
Technology also holds out the promise of lessening the environmental footprint of the energy we use, allowing us to continue to benefit from the efficiency and usability of petroleum-based fuels while protecting the environment.
The industry has made environmental innovation a major investment focus, particularly in alignment with oil's leading use, which is transportation.
The complexities that are created by oil's dual role as an energy source and an asset class make predictions of future prices highly speculative.
However, as an oilman with many decades of experience and observation, I am confident the oil industry will continue to meet the growing needs of an energy-hungry world well into the future.
Realistically, none of us can be certain how oil's second role, that of asset, will evolve.
Speculation is not the only uncertainty we face. Our limited ability to predict economic and financial, geopolitical, and natural events, as well as our limited insight into the forces at play, places us in a poor position to accurately predict oil price levels with any certainty in the future.
The variable nature of markets brings us full circle to the importance of cooperation toward the shared goals of sustainable supply and demand, fair and sustainable prices, a better balance of benefits to both producers and consumers, and the energy security needed to pursue economic growth and higher living standards for people everywhere.
Open dialogue, greater transparency, and a level playing field that allows for adequate, timely investment are the surest path to lesser volatility and the greater opportunity that only energy can deliver.
Thank you for your kind attention.


Clic here to read the story from its source.