Saudi Energy Minister: The current volatility would have been worse had it not been for the presence of “OPEC Plus”
Al Mazrouei stressed that the United States should not dictate policies
Tuesday – 26 Shaaban 1443 AH – 29 March 2022 AD
Prince Abdulaziz bin Salman at the opening of the World Government Summit in the UAE (AFP)
Dubai: «Middle East Online»
Saudi Energy Minister Prince Abdulaziz bin Salman said that the current volatility would have been worse had it not been for the presence of “OPEC Plus”, and we would not have been celebrating a sustainable energy market despite the current volatility, and that the matter would have been worse.
Prince Abdulaziz bin Salman added, during the opening of the World Summit of Governments in the UAE today (Tuesday), that Saudi Arabia’s statement last week was clear about its failure to bear responsibility for the security of supplies, pointing out that the region faces multiple risks, and if the security of oil supplies is threatened, it will suffer. International Economy.
“We are working collectively to ensure energy security,” the Saudi minister affirmed, noting that the Gulf countries have implemented what is required of them in this matter, but others should fulfill their commitments.
He explained that “Russia produces about 10 million barrels of oil per day, which constitutes about 10 percent of global consumption, which is a significant contribution.”
He continued, “As for OPEC +, everyone is putting politics aside, and if we do not do this, we will not be able to deal with many different countries at times.”
The Saudi Energy Minister indicated that the reason for the persistence of OPEC and OPEC + is that these issues are discussed in an approach that focuses much more on good public issues than politics.
He pointed out that it is not possible to pay attention to climate change without looking at energy security.
Prince Abdulaziz bin Salman indicated that his country will have a surplus of oil production capacity of about two million barrels per day due to the increase in production and its mix of energy.
For his part, UAE Energy Minister Suhail Al Mazrouei said that the United States should be realistic and realize that the OPEC + producer alliance takes into account the interests of consumers, that the United States should not dictate policies.