Saudi Gazette report

RIYADH — Minister of Energy Prince Abdulaziz bin Salman emphasized that Saudi Arabia is the most reliable supplier of oil in the world. He also stated that the Saudi Vision 2030 has become the vision of the Saudis as a whole.

Addressing the sixth edition of the Future Investment Initiative (FII) conference, which began here on Tuesday, the minister said that Saudi Arabia’s oil imports to Europe doubled in September to 950,000 barrels per day (bpd), compared to 490,000 bpd last year.

The minister noted that the current crisis may be the worst energy crisis, saying: “We are communicating with many European governments regarding the current crisis, as Europe is witnessing a critical stage in supply chains.” Prince Abdulaziz said: “In the coming months, we will supply oil to all who need it from us.”

The minister warned against using strategic reserves because the depletion of excess capacity carries serious repercussions. Regarding the economic recession, Prince Abdulaziz said: “Everyone is talking about a severe recession, and it is important to hedge against the worst. We must always prepare for the worst in advance,” he said.

Referring to the climate conference, the minister said: “We are excited about the climate conference, scheduled to be held in Egypt. We will hold the Middle East Green Initiative and the Saudi Green Initiative to review what we have achieved. We will have many achievements in the field of energy during the Egypt conferences,” he said.

The Saudi Green Initiative Forum and the Middle Green Initiative summit will be held in Sharm El Sheikh in Egypt, in tandem with the 27th United Nations Climate Change conference, to be held from 6 to 18 November.