
Prince Abdulaziz bin Salman confirms during the World Energy Conference in Riyadh that energy security is not guaranteed and that Saudi Arabia has the flexibility to face crises
Saudi Energy Minister Prince Abdulaziz bin Salman affirmed at the opening of the World Energy Conference in Riyadh that Saudi Arabia is fearless and will overcome challenges, stressing the importance of building capabilities and infrastructure to ensure global energy security.
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The Minister of Energy's statements at the opening of the World Energy Conference in Riyadh came in conjunction with ongoing attacks.
The Saudi Minister of Energy and Minister of Industry and Mineral Resources, Prince Abdulaziz bin Salman, spoke on Monday about the risks related to global energy security, stressing that Saudi Arabia “knows no fear” and that it will overcome all the challenges it will face.
Prince Abdulaziz bin Salman's statements came at the opening of the World Energy Conference in Riyadh, coinciding with the continuing attacks launched by the Houthis in Yemen on airports, civilian sites and others belonging to Saudi Aramco.
The Saudi Minister of Energy confirmed in his statements, which were reported by the Saudi Al-Ekhbariya channel through its official account on the “X” platform, formerly Twitter, that “the word fear does not exist in the Saudi dictionary. We are a people who do not know fear, and we possess competence and determination, and we will overcome all the challenges we face,” as he put it.
Prince Abdulaziz bin Salman added: “I challenge historians to find a country in the world that has achieved a transformation of this magnitude in a short period. I do not believe there is a country other than Saudi Arabia,” explaining that “Riyadh is the capital of energy security, and the presence of energy leaders from various parts of the world today confirms this.”
The minister pointed out that "energy security is not guaranteed, and the ability to withstand is built before the crisis occurs, not during it," explaining that "the Kingdom has invested for decades in infrastructure, storage, and alternative export routes, and that the East-West pipeline gives us flexibility in delivering oil to global markets."
He stressed, "The importance of our capabilities is evident in linking production centers with the East-West line, which provides an alternative route to supply markets when maritime transport becomes vulnerable."
Prince Abdulaziz bin Salman added, "There cannot be an energy future for all without energy security for all, and energy security and the transformation of the energy sector must advance together."
He said, "Today, global energy is facing a real test, and Saudi Arabia has developed plans to maintain energy security before crises occur."

Saudi Energy Minister Prince Abdulaziz bin Salman confirmed the development of multiple scenarios to avoid energy crises, while OPEC Secretary General Haitham Al-Ghais expected global oil demand to grow to 1.7 million barrels per day in 2027, during the World Petroleum Conference in Riyadh.

OPEC Secretary-General Haitham Al-Ghais expected the growth of global oil demand to rise to 1.7 million barrels per day in 2027, while the IMF warned of continued inflationary pressures, at a time when European stocks rose with the decline in oil prices.

Riyadh hosted the seventeenth ministerial meeting of the International Energy Forum under the slogan “Energy Security and Common Goals in a New Era,” where speakers stressed the importance of reliable energy supplies, enhancing investments, diversifying sources, and increasing the flexibility of infrastructure and supply chains, while welcoming the return of the United States to membership in the forum, and the participation of global energy ministers and experts to discuss energy security, market stability, and transformation in the energy sector.

The International Energy Agency called on its members to accelerate the release of oil reserves with a focus on diesel to confront a global crisis. In parallel, the Central Bank of Egypt announced a decline in the annual core inflation rate to 14.1% in September.

دعت وكالة الطاقة الدولية أعضاءها لتسريع الإفراج عن احتياطيات النفط المتبقية من اتفاق مارس، مع التركيز على أزمة الديزل العالمية، وذلك قبيل اجتماع مجلس إدارتها المقرر في 15 أكتوبر لتعزيز أمن الطاقة والاستقرار الاقتصادي.

The Saudi market index ended Sunday’s session down by 0.15%, coinciding with the holding of the ministerial meeting of the International Energy Forum in Riyadh, where officials discussed the challenges of global supply security and the effects of artificial intelligence and population growth on demand.