OPEC+ makes great efforts for market stability, says Saudi Minister of Energy

Prince Abdulaziz bin Salman, Saudi Minister of Energy

OPEC+ made significant efforts for market stability, said Prince Abdulaziz bin Salman, Saudi Minister of Energy at the Abu Dhabi Sustainability Week Conference.
 

"There is nothing more profound, more important for energy security than having to have a stable market," the minister said.
 

He added that OPEC+ is demonstrating a great deal of seriousness and attentiveness to what it takes to energize an economy.

The shift in the energy sector to gas and renewable energy will actually result in saving money, the prince said, adding that the Saudi Green Initiative, Middle East Green Initiative as well as NEOM and Red Sea projects focused on the environment.
 

There are low-cost solutions named "greening", on which several Saudi and Middle East initiatives relied.

The minister indicated that there should be a focus on reducing emissions for all types of energy, rather than just choosing a specific source of energy.

The technology that focuses on efficiency and cost effectiveness should be used, and Saudi Arabia is working on the circular carbon economy (CCE) approach, the minister concluded.