The Saudi Energy Minister warns of the danger of a sharp decline in oil and gas investments

During his inauguration to the International Conference on Petroleum Technology for 2022, which focuses this year on promoting global recovery through sustainable energy, the Saudi Minister of Energy, His Highness Prince Abdulaziz bin Salman bin Abdulaziz stressed on the danger of the decline in oil and gas investments at the global level as it threatens energy security, and he warned of the danger of the world disability to produce all the energy it needs to promote recovery.

According to the Saudi Press Agency, the Saudi Minister of Energy said, “The campaign against new investments in oil and gas has a short-term view, and its negative effects on the recovery of the global economy and the welfare of families have begun to appear, and for this reason we in the Kingdom continue to invest in clean oil and gas.” and expanding our production capacity.


He explained that his country seeks to ensure the immunity of the three pillars of the energy world, which are: the security of the necessary energy supplies, continuous economic development by providing reliable energy sources, and facing climate change.


He stressed that energy security requires that the world continue to use all energy options, including hydrocarbon resources, indicating that innovative technology will be essential in implementing the Green Saudi Initiative, which aspires to generate half of the domestic electricity need from renewable energy by 2030 and reach zero carbon emissions by 2060.


He praised the role of OPEC and non-OPEC producing countries (OPEC Plus) in achieving an unprecedented achievement in global energy markets, through its meeting at the beginning of 2020, which witnessed a distinguished model of cooperation and joint action in order to organize the largest supply cut in history