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The global market is witnessing an increase in demand for oil, which requires efficient and stable energy supplies. This was stated by Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim during a speech at the World Economic Forum in Davos, Ukrinform reports.
According to Alibrahim, Saudi Arabia, together with OPEC, aims to ensure long-term stability in the oil market. This is necessary to meet the growing demand, which is driven not only by economic development but also by technological breakthroughs such as artificial intelligence.
“We need to ensure efficient energy supply without compromising energy security, as well as maintain the ability to use new technologies to combat climate change,” the minister said.
Alibrahim also mentioned US President Donald Trump’s proposal to reduce oil prices, noting that such issues should be addressed in the light of global challenges, including the energy transition.
“Energy security is the foundation of global growth and prosperity. This time we must ensure the right approach to the energy transition,” the Minister added.
In addition, Alibrahim recalled the long-standing partnership between Saudi Arabia and the United States, which has lasted for more than 80 years.
Experts point out that Saudi Arabia plays a key role in the global energy sector, providing most of the world’s oil exports. In the context of the energy transition, the country seeks to balance the development of renewable energy sources and maintain the stability of traditional markets.
