Saudi Press

Saudi Arabia and the world
Monday, Jan 30, 2023

Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos

Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos

Listen to the article
0:00
0:00
Saudi Foreign Minister Prince Faisal bin Farhan said on Tuesday at Davos 2023 that the current oil price stability in the market showed that Saudi Arabia was right to take its stance during last year’s disagreement with the US over the OPEC+ decision to reduce oil output targets.
He spoke of energy security: “Energy security is absolutely key. And here what we feel in the kingdom is that stability is absolutely the key to that energy security. So one of what we believe the successes of, for instance, OPEC+ has been it has been able to deliver a relatively stable oil price, one that is predictable by both consumers and producers.”

While renewable resources were becoming more established in the world, the Prince said: “In that interim period, we need to maintain a stable supply of traditional energies and one that is priced in a way that ensures that stability and that I think we have been able to do.”

He also highlighted the economic model of the Kingdom, highlighting that it is going to be this year’s fastest growing economy in the world.

The prince continued to list the Kingdom’s achievements such as the success of Vision 2030 in transitioning the economy in a significant way away from a dependance on hydrocarbons, on oil as a source of revenue for the government and as a proportion of the GDP.

He added: “That process continues to go on. We are activating all kinds of areas of the economy. Unemployment is significantly down, labor force participation up, especially for women.”

Iran
Prince Faisal touched upon the tensions with Iran. “When it comes to Iran, you know, we have reached out. We are trying to find a path to dialog with our neighbors in Iran because we believe very strongly that dialog is the best pathway to resolving differences.”

He continued: “And we feel quite strongly that what we are doing in the Kingdom and what others in the region, especially the GCC countries, are doing in addressing the challenges of their economy and investing in their countries in focusing on development rather than geopolitics, is a strong signal to Iran and others in the region that there is a pathway beyond the traditional arguments and the traditional disputes towards joint prosperity. And I think the more we can build a sense of cooperation in the region, the more we can work together, the more we can deliver not just prosperity for our people, but also for our immediate region and beyond.”

Saudi-US ties
Prince Faisal addressed the question about “speculations that there were some challenges in the relationship” between Saudi Arabia and the US.

“We have a strong partnership with the US and we continue to work through that partnership. That doesn't mean we don't always we that we it doesn't mean that we always agree. We sometimes disagree.”

He added: “We certainly disagreed on the issue of the oil market. In the end, we believe that I think our position was the correct one and it showed through what we see now. The oil price continues to be stable in and we have a responsibility to the broader oil market, to the broader economies of the world to make sure that we continue to provide that stability.”

The Prince said: “But we're going to have a robust dialog with our partners in the US We're going to continue to work through any issues. But overall, this relationship has delivered significant benefit not just for our two countries, but for our region.”
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
×