ROME: Saudi Energy Minister Prince Abdulaziz bin Salman on Monday stressed the need for joint efforts to ensure the stability of the oil market saying it is “not the responsibility of Saudi Arabia alone.”
He made these remarks in a video message to the Baker Hughes 2024 annual meeting in Florence. The event’s theme for this year is “Energizing Change.”
Prince Abdulaziz said: “Saudi Arabia and its partners have always been proactive in supporting the stability of the oil markets, but we believe that the health and safety of the international oil market is not the responsibility of Saudi Arabia alone but also the duty of all players in the global oil market.”
The minister, however, acknowledged the Kingdom’s key role “as a major international energy supplier.”
He said the world’s continued economic growth depends on maintaining secure and reliable energy supply chains.
At the Florence conference, Prince Abdulaziz also highlighted events, such as the attack on the Kingdom’s energy infrastructure in September 2019 and the COVID-19 pandemic that required “exceptional measures.”
“We have always gone all the way, for the good of the global market and the world economy,” the minister added.
Saudi Arabia, he also noted, “has taken a significant step” toward building a more sustainable future by launching an initiative combining the energy transition and sustainability program to achieve the global goal of fixing and reducing greenhouse gas emissions, while also increasing the use of clean energy.
The minister added the aim of this action “is a just, orderly energy transition and fair that ensures the world achieves the goal of sustainable global change.”
Prince Abdulaziz said: “At the COP28, it became clear that achieving sustainable and meaningful global change requires coordinated and collaborative efforts.”
