Saudi Arabia committed to ensure oil prices stability amid regional tension: Energy Minister

Saudi Arabia is committed to ensure oil market stability amid regional tensions, said Energy Minister, Prince Abdulaziz Bin Salman at 2020 International Petroleum Technology Conference (IPTC) held today in Dhahran.

He added that the Kingdom plays a pivotal role in the global energy market, being a main pillar for ensuring stability.

“Saudi Arabia is the most reliable and responsible source for energy”, he stressed, adding that it was able to sustain oil supplies following the attack on Saudi Aramco’s facilities a few months ago.

He further explained that the Kingdom was able to protect the global economy back then by showing a high resistance of its energy sector.

Nevertheless, Prince Abdulaziz Bin Salman noted that the oil sector is facing significant challenges in terms of reducing the environmental impact of carbon to ensure the sustainability of the oil and gas sector.

In addition, he stressed the high importance of technology and latest tends as key variables in the future of the energy sector.

He concluded that Saudi Arabia’s efforts to ensure sustainability and self-sufficiency of energy products through adopting energy efficiency program, boosting factories’ efficiency, as well as replacing local energy mix with cleaner substitute.