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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 to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)
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Saudi Arabia to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)

Saudi Arabia will host a regular high-level World Economic Forum (WEF) global meeting in Riyadh, with the first slated for the Spring of 2026.

Saudi Minister of Economy and Planning Faisal Alibrahim and WEF President Børge Brende, made the announcement on Friday - the final day of the 55th Annual Meeting of the World Economic Forum in Davos, Switzerland.

The global WEF meeting in Riyadh will serve as a vital platform for global leaders, experts, policy- and decision-makers from diverse fields including the public and private sectors, academia, international organizations, and civil society to convene and address the challenges defining the world.

“Hosting a regular global World Economic Forum meeting in the Kingdom is a testament to the global platform for dialogue, collaboration and innovation that Saudi Arabia has become, and that the World Economic Forum continues to be. This meeting represents a significant opportunity to further unite the world in capturing the immense potential that lies ahead,” said Alibrahim.

“In this critical juncture for the global economy, we are not only inspired by the opportunities before us, but also deeply confident that our collective efforts will forge a brighter, more inclusive and more prosperous future for all. We look forward to welcoming the global community again in Saudi Arabia in the spring of 2026,” he added.

For his part, Brende said: “The World Economic Forum is looking forward to coming back to the Kingdom in 2026. To close the 55th World Economic Forum with this announcement puts us on a strong course for the years ahead. Years that will have immense consequences. Because the progress we make over the coming months will not only deliver results in the near term, but will shape our course for years to come.”

Building on the success of the World Economic Forum Special Meeting held in Riyadh in April 2024, this new development solidifies Saudi Arabia’s position as a central player in shaping the global agenda. The Kingdom’s bold leadership and determination to foster global dialogues between developed and developing economies and drive inclusive global growth make it an ideal host to address complex global challenges with the WEF community.

The World Economic Forum Global Meeting in Riyadh is set to become a cornerstone event in the global calendar, reflecting the Kingdom’s position as a key bridge between the north and south, east and west, and a beacon for constructive dialogue and action.