Saudi Arabia to keep investing in clean oil and gas

 Saudi Minister of Energy Prince Abdulaziz Bin Salman said Saudi Arabia will continue to invest in clean oil and gas and expand the country’s production capacity.

The minister of energy has warned that the sharp decline in investment in oil and gas threatens energy security, stating that there is a real danger.

“The danger is that the world will not be able to produce all the energy it needs to promote recovery,” he said on Sunday during the inauguration of the 2022 International Petroleum Technology Conference (IPTC).

This lack of investment harms the interest of energy consumers and creates challenges for policy makers by increasing prices and raising concerns related to shortage of supplies, he said. He indicated that the campaign against new investments in oil and gas has a short-term outlook, and its negative effects on the recovery of the global economy and the welfare of families have begun to appear.

Prince Abdulaziz stressed that this year, the conference focuses on promoting global recovery through sustainable energy, stating that the Kingdom seeks to ensure the immunity of the three pillars of the energy world: securing necessary energy supplies, continuous economic development by providing reliable energy sources and facing climate change. He underscored that these three pillars must be observed without sacrificing one for the other.