GCC: A Reliable Partner in Energy Supply

Ali bin Ibrahim Al-Naimi, Minister of Petroleum and Mineral Resources, Saudi Arabia

Saudi Oil minister Ali bin Ibrahim Al-Naimi believes that future demand for oil will remain strong, despite the difficult global economic situation. Speaking at the opening session of the Doha Energy Forum on April 1st he said, “The expectations of energy demand and growth are still positive.”

The minister noted that energy markets have become more complex, as new resources and technologies have come into play. “There are continuous investments in the field of renewable energy sources,” he said. “If we want to meet the growing demand in the twenty-first century, we need all energy sources. The Gulf Cooperation Council commitment to the stability of energy markets has been one of the constants during the past thirty years. The GCC member states are continuously able to meet global demand resulting from global economic growth or temporary supply interruptions. I am confident that this approach will continue.”

Al-Naimi added, “We welcome the access of all sources of new energy to the market. I do not see that we should be worried about new supplies of energy sources in light of growing global demand. It is true that there are more companies and countries that compete to win a bigger share of the market, but it is also true that the market is large.”

Al-Naimi pointed out that the use of natural gas helps activate the petrochemical sector, creates new jobs for citizens, and assists GCC countries in meeting required environmental standards. “Regarding the Kingdom of Saudi Arabia, the usage of gas locally helps to relieve the demand for fluids, which grants us more energy for exporting,” he said. “But it is clear that the GCC states will remain a reliable partner in the world energy supply.”

CFI

Recent Posts

When Trust Erodes: Unpacking the Anatomy of Corporate Scandals

Corporate scandals, from Wells Fargo’s fake accounts to Enron’s fraudulent accounting, shatter public trust and…

2 days ago

The Evolution of Elite: A History of Hedge Funds

From Alfred Winslow Jones’s 1949 experiment to today’s trillion-dollar hedge fund industry, the story of…

4 days ago

The Vanishing Vault: Has Digital Banking Closed More Than Just Branches?

As physical bank branches vanish from high streets across Europe and North America, the shift…

1 week ago

AI Dividends Arrive: Big Tech’s Earnings Surge Shows Power of Scale and Strategy

Meta, Microsoft, Apple, and Amazon deliver robust earnings, reinforcing their central role in markets—and highlighting…

2 weeks ago

Sango Capital: Reframing Africa’s Investment Landscape for a New Global Cycle

As global capital seeks diversified growth and risk-adjusted returns, Sango Capital reaffirms Africa’s position as…

4 weeks ago

The Janus-Faced Banker: Hjalmar Schacht and the Tragedy of German Economics

Hjalmar Schacht, a brilliant economist who rescued Germany from hyperinflation, ultimately became an enabler of…

4 weeks ago