Saudi FM: Global Energy Security Hinges on Geopolitical Stability

(From L) WEF president Borge Brende, International Monetary Fund (IM) Managing Director Kristalina Georgieva, Qatar's Foreign Minister Mohammed bin Abdulrahman Al Thani, Finland's Foreign Minister Pekka Haavisto, Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah and US Democratic Senator from Delaware Chris Coons attend a session at the World Economic Forum (WEF) annual meeting in Davos on January 17, 2023. (AFP)

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah stressed on Wednesday that geopolitical stability was the most important key to global energy security.

Speaking at the World Economic Forum in Davos, he underlined the need for stability in the short-term for energy markets.

He added that the Kingdom was investing around $200 billion in renewable energy, both domestically and internationally.

Moreover, Saudi companies are working with 21 countries on different sources of energy, such as solar, wind and other forms of renewable energy, he stated.

“At the moment, we need to maintain energy supplies that are being priced in a way that guarantees stability. We will continue to adopt this responsible approach,” stressed Prince Faisal.