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Tuesday, Nov 29, 2022

Saudi Arabia always strives to avoid oil market fluctuations

Saudi Arabia always strives to avoid oil market fluctuations

Minister of State for Foreign Affairs Adel Al-Jubeir reaffirmed on Thursday that Saudi Arabia has been striving for decades to meet the energy needs of global markets and achieve stability in a way serving the interests of consumers and producers.
Speaking to a local newspaper, he said that Saudi Arabia always strives to avoid market fluctuations that impede the ability of investors to invest and the ability of financial institutions to provide loans. “The Kingdom’s oil policy is consistent and history is a witness to it,” he said.

According to Al-Jubeir, fossil fuels are a basic fuel for the world for decades to come, and believing otherwise is not logical. “Renewable energy can cover the world’s energy needs at a time when oil cannot meet them,” he pointed out.

The minister noted that Saudi Arabia has a certain limit that it cannot exceed in oil production, and this was announced by Crown Prince Mohammed bin Salman when he stated that production would be increased to 13 million barrels in 2027, Al-Jubeir said while stressing that Kingdom is not in a position to increase production more than that level.
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