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Saudi Energy Minister: I Don’t Have Crystal Ball to Predict Future of Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. (Reuters)
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Saudi Energy Minister: I Don’t Have Crystal Ball to Predict Future of Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. (Reuters)

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Sunday that he does not know what the future of the oil markets holds.

“I don’t have a crystal ball to predict oil prices,” he told the 10th Arab-China Business Conference in Riyadh.

At the same time, OPEC+ members are working on preserving the stability of global energy prices, he added.

Moreover, he remarked that Saudi Arabia’s geographic position boosts its ability to reach many parties and expand investments with all countries.

Prince Abdulaziz revealed that Saudi Arabia and China will unveil joint investments, adding that they have a great capacity for bilateral cooperation given Beijing’s growing demand for oil.

“Oil demand in China is still growing so of course we have to capture some of that demand,” he noted. “Instead of competing with China, collaborate with China.”

The Kingdom and China are working on a number of investments, including in renewable energy, he said.

Furthermore, the minister dismissed criticism of the growing relations between Saudi Arabia and China, saying: “I actually ignore it because ... as a business person... now you will go where opportunity comes your way.”

“We don't have to be facing any choice which has to do with (saying) either with us or with the others,” he added.

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Saudi Arabia Seeks to Protect Bank Accounts by Monitoring New Methods of Financial Fraud

The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)
The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)
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Saudi Arabia Seeks to Protect Bank Accounts by Monitoring New Methods of Financial Fraud

The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)
The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)

In light of the rapid technical developments the world is witnessing, especially after the Covid-19 pandemic, the Kingdom has been able to safely provide a large number of electronic services, through an integrated system between various government and private agencies.
However, this remarkable development was accompanied by the emergence of new methods of financial fraud, pushing the Saudi Central Bank to put in place counter measures to reduce the new risks.
SAMA talked to Asharq Al-Awsat about its endeavor to constantly develop electronic financial transactions, enhance innovation, and provide customers with easy and safe services, in accordance with best international practices.
The world has recently seen a spread of fraudulent operations using social engineering and exploiting the lack of awareness among individuals to obtain confidential data.
Therefore, SAMA, through periodic follow-up and studies of fraudulent methods, embarked on developing and strengthening controls and instructions that contribute to reducing these risks. The bank has resorted to biometric features to open bank accounts and electronic wallets remotely.
SAMA is also documenting the devices used in accessing electronic banking services for the first time via an online authentication request. Another measure is sending text messages asking for a one-time verification code to the SIM card registered in the customer’s name to complete the electronic financial transaction.
Moreover, SAMA is applying regulatory systems to combat financial fraud using artificial intelligence, as well as developing a special informative guide that is based on three main pillars: prevention, treatment, and response.
The Saudi Central Bank has also launched awareness campaigns and periodic programs to raise the level of awareness among individuals about the dangers of financial fraud and the importance of data protection.
The bank developed a specialized training program in cooperation with the University of Cambridge, with the aim to form national cadres in the field of combating financial fraud.

Caption: The Saudi Central Bank continues to monitor new methods of financial fraud in the Kingdom (Asharq Al-Awsat)