• Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line
Saudi Business News
Tuesday, May 13
22:18
40 °c
Riyadh
No Result
View All Result
Saudi Business News
  • Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line
No Result
View All Result
Saudi Business News
No Result
View All Result

HomeBusinessHarnessing Energy Prosperity: Saudi Arabia’s Oil Strategy

Harnessing Energy Prosperity: Saudi Arabia’s Oil Strategy

The Kingdom's Approach to Global Energy Stability

February 13, 2024
in Business
Reading Time: 2 mins read
152
SHARES
1.9k
VIEWS
Share on FacebookShare on XShare on LinkedInShare on Telegram

Riyadh’s Stance on Global Energy Assurance: A Collective Endeavor

The Saudi Energy Minister has underscored the universal obligation to achieve energy security on a global scale. Addressing attendees at the International Petroleum Technology Conference in Dhahran, he emphasized the Kingdom’s ongoing commitment to market equilibrium.

RelatedPosts

Private Aviation Expansion in Saudi Arabia: New Charter Rules

Saudi Arabia Startup Expansion: Key Steps for Success

Esports World Cup: Saudi Arabia’s $70M Gaming Investment

An impressive surplus in oil production capacity was highlighted by the minister, noting, We are ready to tweak up or downwards at any time, whatever the market necessity dictates, reflecting the flexible response Saudi Arabia is prepared to offer depending on market demands.

In line with OPEC+ agreements, Saudi Arabia made the strategic decision to curtail oil production by half a million barrels daily in April 2023, a measure now extended until December 2024. Additionally, the Kingdom volunteered a further reduction of 1 million barrels per day in July, maintaining this stance through the end of the year 2023.

The energy minister pointed out that oil demand consistently outstrips certain forecasts, and their role is to remain vigilant, not complacent. He also touched upon the lexicon shift in energy transition discussions post-COP28, where the discourse has moved towards ‘transitioning’, a term championed by the Kingdom.

Exploring a diverse energy mix, Saudi Arabia is advancing solar energy initiatives, with tenders in the pipeline for approximately 30 gigawatts of solar power.

The 2023 edition of the IPTC, which started on February 12 and concluded on February 14, drew more than 20,000 energy specialists worldwide and showcased over 500 technical presentations.

Unity in Market Stability Essential, Saudi Minister Articulates

Earlier in January, the Kingdom’s energy minister highlighted the collaborative effort required for oil market stability, stating that it is not a solo mission for Saudi Arabia. In a video address to the Baker Hughes annual meeting, he elaborated that the health of the international oil market is a shared concern among all stakeholders.

He concluded by asserting the critical role of secure and reliable energy supply chains in supporting the world’s ongoing economic expansion.

Tags: Energy TransitionGlobal Power SecurityOil Market StabilityOPEC+Saudi Energy Policy
Share61Tweet38Share11Share

© 2025 Copyright, Saudi Business News

No Result
View All Result
  • Home
  • Business
  • Economy
  • Finance
  • Investment
    • PIF
  • Technology
  • Real Estate
  • Events
  • Vision 2030
  • Projects
    • NEOM
    • Qiddiya
    • The Line

© 2025 Copyright, Saudi Business News

Go to mobile version