Saudi Minister of Energy, Prince Abdulaziz bin Salman, delivered a keynote address at the 7th Future Investment Initiative (FII7) forum in Riyadh. He stressed the importance of maintaining a stable and less volatile oil market to support global economic growth and prosperity, revealing that the volume of oil trade amounts to $2 trillion.
Prince Abdulaziz reaffirmed the ongoing role of oil and gas in the global energy mix, citing major oil company deals as evidence that hydrocarbons will remain integral. He noted that Saudi Arabia aims not only to transition to cleaner energy but also to serve as a model for building a carbon economy based on hydrocarbons for the foreseeable future.
The minister emphasized the significance of addressing the triple dilemma of energy security, cost-effectiveness for economic growth, and sustainability, particularly in the context of climate change. Prince Abdulaziz expressed Saudi Arabia’s support for the circular carbon economy, highlighting the need to implement new approaches to tackle global challenges effectively.
