The Gulf war couldn’t have been won if it were not for the Saudi Arabia’s excess capacity, said Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud while speaking at the Future Investment Initiative (FII) Forum in Riyadh on Tuesday.
“Its (excessive fuel) capacity saved the global economy,” the minister added
Prince Abdulaziz bin Salman revealed that that the Kingdom is engaged with many European governments with regards to the current energy crisis.
“Not admitting that there is an energy crisis will only add to more complications for the global economy,” the Saudi Energy Minister said.
Saudi Arabia, according to the country’s energy minister, is the most reliable oil supplier.
Speaking about the upcoming COP27, which will be held in the Egyptian city of Sharm El-Sheikh on November 16-18, the minister said, “We are excited about COP27 being held in #Egypt. We will help Egypt in making the event successful.”
Saudi Arabia has a lot to showcase in terms of Green initiatives at COP27, he said, adding that the Kingdom will announce several new projects with Egypt in the field of energy.
Warning about the slowdown, Prince Abdulaziz bin Salman said, “It’s not about recession. It’s about how severe the recession might be.”
Saudi energy minister warned that running out of capacity has a great cost and the world should be prepared for it. “Using emergency stocks may become painful in the months to come,” he added.
Prince Abdulaziz bin Salman highlighted that last year Saudi Aramco had supplied Europe with 490,000 barrels. “This September it was 950,000 barrels,” he said.
Mentioning the Vision 2030, Saudi Energy Minister said, “The initiative no more belongs to Saudi Crown Prince and Prime Minister Mohamed bin Salman alone. It now belongs to the general public of the country.”