Speakers at the seventeenth ministerial meeting of the International Energy Forum stressed the importance of ensuring the reliability of energy supplies, enhancing investments in its various systems, and increasing the flexibility of infrastructure and supply chains, in a way that supports market stability and enhances the ability to confront geopolitical and economic variables. They stressed the need to diversify energy sources and develop production, refining, transportation and storage capabilities, in addition to employing modern technologies and enhancing cooperation between producing and consuming countries.
In an indication of the importance of the Forum as a platform for international dialogue in the energy sector, the Secretary-General of the Forum, along with the participating ministers and delegations, welcomed the United States’ announcement of its return to its membership, confirming its role as a neutral platform for dialogue between energy-producing and consuming countries, and its support for data-based research and reports, according to a statement by the Saudi Ministry of Energy.
This came during the meeting hosted by Riyadh under the slogan “Energy Security and Common Goals in a New Era,” as part of the activities of “Energy Week in Riyadh.”
The Minister of Energy and Minister of Industry and Mineral Resources, Prince Abdulaziz bin Salman, opened the meeting, stressing that the Kingdom has proven its ability to ensure the reliability of energy supplies, continue investment and prepare to face various circumstances and challenges. He pointed out that Riyadh has become the capital of global energy security, and that the Kingdom is continuing to fulfill its obligations and enhance the reliability of supplies in various circumstances.
He explained that the East-West pipeline embodies the Kingdom’s approach to enhancing the flexibility of the energy system. It provides an alternative route for transporting supplies to global markets via Yanbu on the Red Sea.
Prince Abdulaziz stressed that energy security is a shared responsibility that requires effective international cooperation and coordination, stressing that it represents an essential foundation for the stability of economies and the sustainability of their growth and competitiveness. He cited the sharp fluctuations that the energy markets witnessed in 2008 as evidence of the importance of dialogue, investment, and advance preparation to confront market changes and ensure meeting demand.
In this context, he pointed to the importance of the International Energy Forum as a platform that brings together producing, consuming and transit countries, allowing for discussing challenges, understanding different viewpoints, and identifying areas of practical cooperation in support of energy security.
He pointed out that developing energy infrastructure takes years, and enhancing its flexibility requires investment and preparation before it is needed, warning that the cost of not preparing may be much greater on the global economy than the cost of prior investment. He stressed that energy security requires investment in the various components of the system, including refining, transportation, pipelines, and infrastructure capabilities, explaining that the Kingdom’s approach includes oil and gas, renewable energy, nuclear energy, and geothermal energy.
International engagement and discussions on energy security
Prince Abdulaziz bin Salman chaired the meeting with the participation of Gilberto Beccito Frattin, Italian Minister of Environment and Energy Security, and Senator Heineken Lokpopiri, Minister of State for Petroleum Resources in Nigeria, while the opening session was attended by Engineer Jassim Al-Shirawi, Secretary-General of the International Energy Forum.
The meeting witnessed the participation of energy ministers from around the world, leaders in the sector, and heads of international organizations, to discuss energy security, market stability and investment, and to enhance dialogue and cooperation between producing and consuming countries in light of the changes taking place in global markets.
The participating ministers and representatives of the energy sector expressed their solidarity with the Kingdom of Saudi Arabia and its people, following the attacks that targeted civilian infrastructure, stressing that holding the meeting in Riyadh embodies the Kingdom’s flexibility and reflects the spirit of unity and common commitment.
The Secretary-General of the Forum, the participating ministers and delegations also welcomed the United States’ announcement of its return to the Forum, emphasizing the importance of its role as a neutral platform for dialogue between energy-producing and consuming countries, and its support for data-based research and reports.
The meeting program included dialogue sessions that addressed issues of energy security, market fundamentals, supply chain flexibility, and changes in supply and demand. The first session was moderated by Dr. Daniel Yergen, Vice Chairman of S&P Global, while the second session was moderated by Dr. Amrita Sen, founder of Energy Aspects and its director of energy markets research, and focused on investment and trade in sustainable energy solutions, and ways to enhance the availability of clean, reliable energy at an affordable cost.
The closing session discussed the role of dialogue between producing and consuming countries and the importance of data transparency in supporting the stability of energy markets. According to the Ministry of Energy’s statement, the session stressed the importance of joint responsibility for energy security, the sustainability of investment in various energy systems, and supporting sustainable and affordable energy paths.
Investment priorities and supply chain flexibility
The discussions emphasized the importance of diversifying supply chains and enhancing infrastructure resilience, as well as investing in production, refining, liquefied natural gas, electricity and storage networks, and expanding into new technologies and critical minerals supply chains. It also addressed the role of trade and technologies in supporting different energy paths, according to the national priorities and circumstances of each country.
Within the framework of enhancing transparency and developing data related to energy markets, “Energy Week in Riyadh” witnessed the holding of the seventh meeting of the heads of organizations participating in the Joint Organizations Data Initiative (JODI), whose work is coordinated by the International Energy Forum.
The meeting discussed the initiative's road map for the period from 2026 to 2030, which aims to enhance countries' capabilities to provide data, and provide more comprehensive and up-to-date information on oil and gas, including data on stocks and refined products. The participating ministers also welcomed the continuation of cooperation within the joint tripartite work program between the International Energy Agency, the International Energy Forum, and the Organization of the Petroleum Exporting Countries (OPEC).
The International Energy Forum, whose General Secretariat is headquartered in Riyadh, is the largest global gathering of energy ministers and a major platform for dialogue between producing and consuming countries, which contributes to enhancing global energy security through an open and comprehensive dialogue covering various energy sources, technologies and systems.
Vice Chairman of the Board of Directors at S&P Global, Dr. Daniel Yergen, confirmed that the stability of energy markets represents a basic principle in Saudi Arabia’s approach, indicating that Riyadh adopts a long-term vision for the market, and seeks to limit sharp fluctuations in prices, whether up or down.
Speaking to Asharq Al-Awsat on the sidelines of the ministerial meeting of the International Energy Forum held in the Saudi capital, Yergen, a Pulitzer Prize-winning energy expert, said that transformation in the energy sector does not mean dispensing with traditional energy sources, as much as it means adding new supplies to the global energy mix, allowing it to meet the growing demand. He explained that the largest portion of the expected demand growth will come from developing countries, and its size may reach the equivalent of adding an energy system the size of China to global demand, which requires large investments and diverse solutions, in light of the inability of a single energy source to meet the world’s needs alone.
Regarding developments in oil markets in the near term, Yergen, who chairs the CERAWIC conference, one of the most prominent international conferences concerned with the energy industry, explained that the current pressures are more concentrated in the diesel market, as a result of limited refining capabilities, and not due to an immediate shortage in crude oil supplies. He added that geopolitical tensions, including the Russian-Ukrainian war and unrest in the Gulf region, contributed to increasing the sensitivity of diesel markets to political developments, in light of the importance of this fuel to economies, industries and the transportation sector.
Regarding the most prominent files presented at the Ministerial Meeting of the International Energy Forum, Yergen pointed out that energy security is a main focus of discussion, with a concept that goes beyond ensuring the flow of supplies to include protecting the energy infrastructure, ensuring its continuity of operation, enhancing the flexibility of supply chains, and benefiting from technology in the face of increasing challenges.
He added that investment, technology, and the ability to meet global demand are among the most prominent issues at hand, in addition to the necessity of adopting a more realistic discussion about the energy transition, which takes into account the economic, geopolitical, and technological changes that the world is witnessing, instead of being satisfied with goals that were set 11 years ago under different circumstances.
These issues, according to the topics of his talk, reflect the challenge facing global energy markets in the next stage: balancing security of supplies and market stability on the one hand, and keeping pace with the transformation of the energy system and meeting increasing demand on the other hand, which requires sustainable investments, international cooperation, and solutions that take into account the different needs of countries and their economic circumstances.
