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Saudi Minister Says Efforts Underway to Stabilize Energy Security

Saudi Minister Says Efforts Underway to Stabilize Energy Security

Wednesday, 18 January, 2023 - 09:00
The Saudi delegation signs a letter of intent that will unlock promising markets as part of KSA’s economic reform. (SPA)

Saudi Foreign Minister Prince Faisal bin Farhan said that his country is “working to stabilize energy security,” adding that the OPEC Plus has faced market fluctuations and worked for the benefit of both producers and consumers.

In remarks during a session of the Davos 2023 World Economic Forum (WEF) on Tuesday, the Saudi minister affirmed the Kingdom’s commitment to a clean energy future, while stressing the need to ensure reliability of traditional forms of energy.

Regarding the OPEC Plus, Prince Faisal bin Farhan noted that the stability of oil prices confirmed the right stance adopted by the Kingdom in its dispute with the United States last year over a decision to reduce crude production targets.

He added that his country assumes the responsibility to maintain this stability in oil markets and global economies.

The minister of Foreign Affairs also highlighted the success of Vision 2030 in shifting the Saudi economy away from dependence on oil as a main source of government revenue, and as a percentage of its GDP.

“This process is ongoing, and we are working to activate all economic areas. Unemployment has decreased significantly, and participation in the labor force has increased, especially among women,” he remarked.

Bin Farhan underlined the strong ties with the United States, noting that this partnership “does not always mean agreement”. He added that Riyadh would engage in a robust dialogue with its traditional ally, Washington, to resolve many outstanding issues.

On the other hand, the Saudi foreign minister revealed that his country has communicated with Iran and is trying to find a path to dialogue, saying: “Dialogue is the best way to resolve differences in the region.”

“Focusing on development rather than geopolitical affairs is a strong signal to Iran and others that there are different paths to shared prosperity,” he stated.

On Ukraine, the minister said that the world should “find a way to end the conflict,” pointing to the exacerbation of the global energy crisis due to the war.

Also on Tuesday, Prince Faisal bin Farhan discussed with his Swedish counterpart, Tobias Billstrom, ways to promote bilateral relations and strengthen joint action to establish the foundations of international peace and security.

He also met Lithuanian Foreign Minister Gabrielius Landsbergis, with whom he reviewed relations between the two countries.

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