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Saudi Energy Minister: Last Oil Barrel Produced Globally will be from Saudi Arabia

Saudi energy minister Khalid al-Falih REUTERS/Faisal Al Nasser
Saudi energy minister Khalid al-Falih REUTERS/Faisal Al Nasser
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Saudi Energy Minister: Last Oil Barrel Produced Globally will be from Saudi Arabia

Saudi energy minister Khalid al-Falih REUTERS/Faisal Al Nasser
Saudi energy minister Khalid al-Falih REUTERS/Faisal Al Nasser

Saudi Minister of Energy and Industry Khalid al-Falih supported the public offering of Saudi Aramco and confirmed the company has several elements that attract investments.

Speaking before international investors in Riyadh, Falih stated that Aramco has the exclusive access to develop quarter of the world’s conventional crude resources, at the lowest cost producer.

He added: “Saudi Aramco is going to be the supplier of last resort and I am certain that the last barrel that gets produced globally is going to be here in Saudi Arabia."

Falih stated that Aramco was a compelling investment in a world that is gradually shifting away from fossil fuels to renewable energy. He reiterated that the kingdom would remain a cornerstone of the global oil industry through Aramco.

Regardless of what happens to oil demand growth or the shift to electric cars, the current era is the time of renewable energy, according to the minister.

He dismissed fear concerning the effect of electric cars on oil demand, saying that production of the cars will increase the demand on products such as chemicals, plastics, and aluminum.

The minister informed the conference that the Kingdom is establishing local cars production industry. He assured the attendees that the demand for regular cars in the region and Saudi Arabia will increase over the coming few years.

Global oil demand is expected to grow by 45 percent by 2050 despite an international push for using more renewable sources of energy, according to Falih. He added that demand for fossil fuels will increase 70 percent by 2050 and demand for oil will be about 115 million barrels per day during 2050.

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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.