Riyadh, Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, affirmed that the historic production adjustments that OPEC and Non-OPEC producers have implemented, were followed by the wider support forged at the extraordinary G20 Energy Ministers Meeting led by the G20 Presidency of Saudi Arabia in April last year. These have cushioned the shocks from COVID-19, enhancing energy security and market stability.
In a speech delivered today during his inauguration of the 11th IEA-IEF-OPEC Symposium, Prince Abdulaziz said that “We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious, realizing that collective action is the best way to tackle the challenges ahead.”
“Long term models are very useful to represent a complex world and gain insightful analysis, helping the planning process in a more informed and objective manner. However, we also need to recognize the limitations of the models, and understand that today’s projections will turn out to be wrong. Models are highly sensitive to underlying assumptions and are unable to take account of unexpected events,” he added. “Think of the Global Financial Crisis of 2008, the many geopolitical events that destabilized markets and trade flows, and the pandemic which disrupted economic activity and human lives.”
Prince Abdulaziz bin Salman bin Abdulaziz said that “As the IEF enters the 30th anniversary of its first ministerial meeting, Saudi Arabia is proud to be one of the main countries which contributed to the establishment of the IEF Secretariat as one of the key international platforms for dialogue. This collaboration was formalised in the agreement of 2010, which identified specific areas for co-operation between OPEC, the IEA and IEF.”
“The impact of the COVID-19 pandemic will be absorbed and overcome through greater energy solidarity, dialogue, and data transparency —the fundamental aims and mission of the IEF. This is indeed what the Kingdom aimed to achieve during its G20 Presidency through the Energy Sustainability and the Energy Focus Working Groups. And I look forward to accelerating our joint efforts when Saudi Arabia will host the 17th International Energy Forum Ministerial Meeting and Business Forum in the second half of 2021,” he added.
Source: Saudi Press Agency