Saudi Min reaffirms commitment to energy security, responsibility to OPEC

VIENNA, July 9 (KUNA) -- Saudi Energy Minister Prince Abdulaziz bin Salman emphasized, Wednesday, the country's firm commitment to supporting the Organization of the Petroleum Exporting Countries (OPEC), as well as partaking the event amid the complex challenges facing the sector.
Speaking at the opening of the Ninth OPEC International Seminar in the Austrian capital, Vienna, the minister described the event as symbol of OPEC's openness and inclusiveness, reaffirming the organization's role as a global platform for constructive dialogue during times of growing need for cooperation.
Prince Abdulaziz warned against compromising economic growth or affordability in the name of energy transition, especially as the global population is expected to approach 10 billion by 2050, pushing energy demand up by nearly 50 percent.
While renewables, nuclear power, and hydrogen are expanding, the minister noted that oil and gas will remain indispensable, especially in hard to abate sectors like heavy industry, transport, and in supporting developing economies.
Many countries, he said, have already began shifting towards more balance approach by reassessing their policies, recognizing hydrocarbons' role in ensuring energy security and stability.
Highlighting the role of innovation, Prince Abdulaziz underscored the Carbon Capture and Storage (CCS) technologies, describing it as vital to cutting emission without sacrificing economic competitiveness.
The minister reaffirmed that Saudi Arabia is committed to a consistent, balanced strategy, urging policymakers to prioritize economic sustainability and innovation as a foundation for energy strategies.
Concluding his remarks, Prince Abdulaziz described the present as a historic opportunity to foster innovation, attract investment and achieve economic development, reaffirming Saudi Arabia's commitment to energy security while advancing sustainable development. (end) amg.sar