Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi reiterated the Kingdom’s commitment to a stable oil market in remarks at the fourth annual conference of the Cambridge Energy Research Associates (CERA) in Houston, Texas yesterday.
The oil industry is facing serious challenges, but they can be solved. Enough investment in the industry combined with technology can forecast a prosperous future for the industry, Al-Naimi said.
The minister noted the volatility of oil prices, and said that it is ideal when supply and demand are balanced by a surplus in the event there is a disruption – a situation that doesn’t exist today. Prices should benefit both consumers and producers, he said.
Al-Naimi said the world must provide clean energy but at an affordable cost for poor consumers. Coercing consumers to refrain from using petroleum in favor of less effective and more costly alternatives is not a good idea because it is like replacing one danger with another. The most rational way to provide clean energy is to improve products we are using and the way we are using them, he suggested, adding that the Kingdom supports innovations that will lead to better solutions.
Transcript of address