2023-09-18 14:41:00
He said that the IEA had moved away from predicting market conditions to playing a political role
Dubai – Al Arabiya.net
Published on: September 18, 2023: 06:41 PM GST Last updated: September 18, 2023: 08:54 PM GST
Saudi Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supplies, saying global energy markets need light regulation to reduce volatility.
Prince Abdulaziz said, during a dialogue session within the World Petroleum Conference held in Canada, that there is a continuing state of uncertainty regarding Chinese demand, European growth, and the central bank’s measures to address inflation.
The Saudi Minister of Energy explained that sustainable markets are the basic pillar of energy security.
He added: “We want to be proactive and cautious. We do not target prices, but rather reduce volatility.”
“The world may shift from one energy crisis to another if supply chains are not well planned, and there is a need to establish partnerships to produce green hydrogen and clean electricity,” according to the Saudi Minister of Energy.
Regarding the International Energy Agency, Prince Abdulaziz said that it has moved away from predicting market conditions to play a political role.
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