04 /12 Closing Prices / revised 04/12 2024 21:59 GMT 04/11   OPEC Basket    $90.62 +0.24  | 04/11   Mexico Basket (MME)   $79.22   +0.60  | 02/12    Venezuela Basket (Merey)  $67.27  +0.77  | 04/11    NYMEX WTI Texas Intermediate May CLK24   $85.66  +0.64 | 04/11    ICE Brent June  BRNM24      $90.45  +0.71    | 04/11     NYMEX Gasoline May RBK24   $2.80   +.1%   |  04/11   NYMEX  Heating Oil May  HOK24   $2.69  +1 %   | 04/11     Natural Gas May NGK24    $1.77  +0.3% | 04/12    Active U.S. Rig Count (Oil & Gas)    617   -3  | 04/12    USD/MXN Mexican Peso  16.6441  (data live) | 04/12    EUR/USD    1.0643  (data live)  | 04/15      US/Bs. (Bolivar)   $36.29470000 ( data BCV)  

Calgary’s 24th WPC: Saudi Arabia’s energy minister: the kingdom can support other nations’ energy transitions -Upstream

  • He reiterated Saudi Arabia’s commitment to energy security, aiming to ensure sustainable energy markets
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman speaks at the World Petroleum Congress in Calgary, Alberta, Canada on 18 September 2023. Photo: REUTERS/SCANPIX
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman speaks at the World Petroleum Congress in Calgary, Alberta, Canada on 18 September 2023.(Scandpix/Reuters)

Russell Searancke, Upstream

CALGARY
Energiesnet.com 09 20 2023

Saudi Arabia is committed to the idea of the energy transition, not just domestically but also in supporting other nations on their journey, according to the country’s Minister of Energy Prince Abdulaziz bin Salman, who said the kingdom will continue to champion the importance of energy security.

“We’re going to make sure that people understand Saudi Arabia is no longer going to be just a hydrocarbon producer. Saudi Arabia is converting to become an energy producer, taking into account that we are the lowest-cost producer,” Prince Abdulaziz said at the World Petroleum Congress in Calgary.

“We feel strongly that we are the cheapest producers of renewable energy. We could be the cheapest producers of green hydrogen. We want to sell hydrogen. We want to sell green electricity.”

Saudi Arabia’s ambition is to generate 50% of its electricity from renewables, and to possibly act as a bridge for bringing parties together for the trade of hydrogen and renewable electricity.

On the subject of hydrocarbon production, Prince Abdulaziz reiterated Saudi Arabia’s commitment to energy security, the main ambition of which is to have sustainable energy markets.

This commitment to energy security would continue to underline the company’s approach to its oil and gas production levels.

It is important that the “mistakes of the past” in determining production rates are not repeated, Prince Abdulaziz said.

“International energy markets need regulators and regulating, and it has to be a light-handed regulation,” he said.

He defended Opec+ cuts to oil market supply, and was critical of the International Energy Agency, saying the IEA had moved from being “a forecaster and assessor of the market to one practicing political advocacy”.

“Look at what the IEA said in October last year, including the head of the IEA. They have been doing interviews and statements and everything about the belligerent acts of Opec+,” he said. “If I was the IEA, I would probably be very ashamed of what they have said during that month. None of the things they were warning about has happened.”

The IEA said in October 2022 that “the relentless deterioration of the economy and higher prices sparked by an Opec+ plan to cut supply are slowing world oil demand”. It warned that the Opec+ decision to cut official production targets by 2 million barrels per day from November 2022 – a 1 million bpd cut to actual output, given the bloc’s underperformance of its quotas – could bring a marked deceleration in oil supply.

upstramonlines.com 09 18 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top