Saudi Arabia is Ready to Meet World’s Oil Needs, Vows Energy Minister in Moscow

Saudi Arabia is Ready to Meet World's Oil Needs, Vows Energy Minister in Moscow

Saudi Arabia’s Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy of the Kingdom, affirmed Thursday that his country, the world’s leading energy supplier, is ready to meet the world’s oil needs, pointing out to tremendous efforts exerted by his department and other government oil-industry-related agencies together with Saudi Aramco making it possible to restore production capacities within 72 hours following a cowardly attack on oil facilities in Abqaiq and Khurais. Prince Abdulaziz asserted that these efforts strengthen the Kingdom’s position as the most reliable, secure and dependable oil supplier of the world.

In a key speech at the Russian Energy Week being held in Moscow under the theme “Maintaining Energy Connectivity in an Unstable World”, Prince Abdulaziz bin Salman bin Abdulaziz highlighted the well done concerted local effort to put off a fire that engulfed Aramco oil production facilities in Abqaiq and Khurais, describing the experience as test to his new portfolio.

“I confirm that I am still up to the task I am undertaking, but I could not have done the task without the support I received from the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness the Crown Prince, the Saudi government, as well as all my colleagues in various government agencies, including Saudi Aramco, the core of the action, as well as other Aramco-related institutions, such as Electricity Company, Desalination and Industry Plants and the entire nation”, he stated to remark the incident.

He expressed pride of the ability shown by his country’s skillful bodies and personnel to overcome this unprecedented challenge in the world, proving that Saudi Arabia will remain the world’s reliable, secure and dependable oil supplier, citing that the Kingdom has lost more than half of its production capacity, the equivalent of five percent of the world’s oil supply and was able to retain its reputation as reliable, secure and dependable oil supplier in a record time.

“We were all up to the challenge. I am quite comfortable and honored to believe that I can stand and ask any of my colleagues here or those who hear me now where ever they are that you have a country, people and nation who can overcome a challenge which have never been seen anywhere in the world. When you lose more than half of your oil production capacity; when you lose 5% of the world’s oil supply; and, what is more important, when you face a plot to lose your reputation as a reliable, secure and dependable oil supplier. Within 72 hours, we have sought to regain our capabilities and retain our reputation. More or less, we assume our responsibility to implement our major job which is specifically to continue to be more reliable, secure and dependable oil supplier. We have succeeded in a short time,” Prince Abdulaziz added.

He made a public invitation to journalists and analysts from all over the world to visit Aramco sites to make sure that the attacked facilities have come to normal.

“With a straight face, we say to all, if you believe us, it is fine. If you don’t believe us, we invite you to visit us. We have hosted a number of journalists. We were in the phase of inviting analysts to review our statistics regarding Aramco. We have also allowed them to visit anywhere in Aramco. Many important personalities from a number of countries visited us. Our ambassador to Russia told me that the first day of applying for the newly-introduced tourism visa, a huge turnout has been recorded. We welcome all of you to be briefed on the strength of our position and our full commitment towards the world with regard to fulfill oil supply securely and reliably,” Prince Abdulaziz said.

In conclusion, he thanked Russian Energy Minister Alexander Novak and the Russian people for a warm hospitality, wishing that this important session could enhance joint cooperation of the world to address fluctuations witnessed by the global oil market.