Saudi Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia is no longer the" likely producer", but OPEC+ plays this role, stressing the continuation of facing the challenges facing the energy markets.

 

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Edited by| Paul Mitchel

 

Economic   section -  CJ journalist

 

Vienna - July,6,2023

 

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Energy Minister Prince Abdulaziz bin Salman said during the eighth OPEC International Conference, which kicked off at the historic Hofberg Palace in the Austrian capital, Vienna, that "the data of the International Energy Agency and its reviews lead to an imbalance in the market," explaining that "the reduction of Russian exports was a voluntary decision and was not imposed on them," pointing out that his country made a voluntary reduction in production because there is a need for it," pointing out that OPEC+ is looking for the right recipe to deal with the current market situation and it depends on transparency, so external parties were accredited to follow up the production of countries in the agreement to reduce production.

According to the Saudi official, the new joint cuts in oil production announced by Russia and Saudi Arabia earlier this week once again proved that skeptics of Saudi-Russian energy relations are wrong.

For his part, UAE Energy Minister Suhail Al Mazrouei said in remarks on the sidelines of the conference that his country is "doing enough" to contribute to OPEC+ production cuts, adding, "We will not make further voluntary supply cuts at the moment".

Voluntary cuts by other members of the group are enough to balance the oil market, according to Mazrouei, who noted that the "OPEC+" alliance may need to invite new members to join the alliance, as the group's task becomes easier with the accession of more members.

The eighth edition of the OPEC International Conference, which is being held under the title "Towards a sustainable and comprehensive energy transition", was launched in the Austrian capital, Vienna.

The conference will discuss a wide range of energy issues, including the future of energy in the world, oil investments, market stability, energy security, technology and innovation, as well as ways to achieve a safe and stable international oil market through enhanced cooperation and dialogue around the world.

The secretary general of the organization of Petroleum Exporting Countries "OPEC" Haitham Al-Ghais said that the organization always seeks to ensure stability in the energy markets.

In his speech, Al-Ghais called for strengthening the dialogue on energy with the participation of developed and developing countries, stressing the need to focus on "sustainability and inclusiveness in the energy file".

He pointed out that the "OPEC" International Conference has a proven track record in terms of the quality of participants and the high level of discussions that revolve around the main issues affecting the energy sector, especially in the current circumstances witnessed by the world.

The first day of the "OPEC" International Conference, in its eighth edition, will witness a review of the current global energy landscape and future trends with the participation of leaders of the oil and energy industry in the world, where these topics are addressed through the main sessions and high-level round tables, including market stability and energy security for both producers and consumers and the energy sustainability trilogy, which includes the goals related to energy security, affordability and the need to reduce emissions.

It will also witness the discussion of investments and financing in the energy sector, highlighting the challenges and opportunities and keeping pace with the future to achieve climate neutrality through technology and innovation, as well as the application of advanced technologies in significantly reducing the carbon footprint of the industry, including a variety of technologies including carbon capture, use and storage, the use of blue hydrogen, the conversion of crude oil into chemicals and the integration of renewable energy sources.

The second day of the conference will witness a discussion of the future challenges of the energy sector and how to build sustainable and reliable systems in addition to reviewing the pace of energy transformations around the world and climate change policies in addition to economic diversification in energy through multiple tracks and the role of international cooperation in this.

The "OPEC" International Conference is accompanied by a specialized exhibition with the participation of major energy companies around the world, during which they review trends and innovations related to the latest technologies and developments across the oil industry and the value chain, in addition to strengthening bridges of dialogue and future cooperation.

Since the launch of its first session in 1969, the "OPEC" International Conference has witnessed a wide momentum in discussing energy issues and building bridges of cooperation and dialogue in order to foresee the future of the energy sector, face challenges and find innovative solutions to it with the participation of producing and consuming countries to ensure the security of energy supplies to all peoples of the world.

The seventh edition of the international "OPEC" conference, held in 2018, was a great success, as it was attended by more than 950 participants from 50 countries, including 60 ministers and executives.

On a related note, the CEO of the giant Saudi oil company (Aramco), Amin Nasser, announced plans to increase gas production by 50 and 60 percent by 2030.

 

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