Lower oil, gas investments threaten energy security; pushes prices higher: Energy Minister

Prince Abdulaziz bin Salman, Saudi Minister of Energy

Prince Abdulaziz bin Salman, Saudi Minister of Energy, said that lower investments in oil and gas threaten the energy security and there is a risk that the world may not be able to produce the necessary energy to boost recovery.

A decline in investments impacted the consumption of energy and posed challenges to policymakers through higher prices and heightened concerns about lower supply, the minister said when he inaugurated the International Petroleum Technology Conference 2022 in Riyadh.
 

The campaign against oil and gas investments is shortsighted and will have its impact on global economy and recovery, as well as the world’s welfare.

Saudi Arabia continues to invest in oil, gas, clean energy to increase its production, Prince Abdulaziz said, adding that focusing only on renewables is a mistake.

The Kingdom aims to achieve three pillars in the energy industry, which will remain for a long time; energy security, continuous economic development through dependence on reliable energy sources and climate change, the Saudi minister noted, adding that Saudi Arabia took several steps to establish these pillars.