Riyadh:Prince Abdulaziz bin Salman bin Abdulaziz, the Minister of Energy and Minister of Industry and Mineral Resources, highlighted the necessity of strategic planning and maintaining a variety of options to effectively manage energy crises.
According to Saudi Press Agency, Prince Abdulaziz shared his insights during a ministerial dialogue at the 25th WPC Energy Congress, held in Riyadh. The discussion, titled 'Perspectives on Global Oil and Gas Markets,' included participation from Algeria's Minister of State Mohamed Arkab, Nigeria's Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri, and OPEC Secretary General Haitham Al Ghais.
Prince Abdulaziz emphasized the importance of being prepared for potential energy security challenges by having plans and capabilities ready. He noted the resilience of the energy sector in overcoming challenges over recent decades. He described the current crisis as unprecedented, stressing the need for a balanced approach to net-zero goals, factoring in energy security and economic fundamentals.
The Minister also mentioned Saudi Arabia's achievements in renewable energy and its plans to expand capacities to meet future demands, including those driven by artificial intelligence. He discussed the strategic development of the East-West Pipeline, initially directed by King Fahd in the 1980s, and plans to enhance its capacity to 10 million barrels per day. This development supports Saudi Arabia's role in global energy security.
Algeria's Minister of State Mohamed Arkab expressed solidarity with Saudi Arabia and condemned recent attacks on the Kingdom. He discussed Algeria's focus on expanding energy infrastructure to support global market stability and announced plans for a new exploration and production licensing round in 2026.
Nigeria's Minister Heineken Lokpobiri highlighted Nigeria's partnership with Saudi Arabia and recent reforms to attract investment in its energy sector.
OPEC Secretary General Haitham Al Ghais warned of a significant shortfall in global investment in the oil and gas sectors and praised Saudi Arabia's East-West Pipeline as a critical component of energy security.