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Saudi Energy Minister: Ready to Raise or Lower Production at Any Time, Whatever Market Dictates 

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
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Saudi Energy Minister: Ready to Raise or Lower Production at Any Time, Whatever Market Dictates 

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)

Saudi Minister of Energy Prince Abdulaziz bin Salman confirmed the Kingdom's readiness to raise or lower oil production at any time, according to market requirements.  

Speaking at the International Petroleum Technology Conference (IPTC), Prince Abdulaziz said the decision to halt Aramco's oil expansion plans was due to the transformation in energy.  

The Minister said the Kingdom had a "huge cushion" of spare oil capacity in case of significant disruptions to global supplies caused by conflict or natural disasters.  

He also confirmed that the OPEC+ alliance is ready to amend its oil production policy at any time, noting that OPEC's data on production is accurate.  

OPEC figures show oil demand reached a record of more than 102 million barrels per day (bpd) last year.  

"We are ready to tweak upward, downward, whatever the market necessity dictates," Prince Abdulaziz said, underlining that OPEC's mission is to be attentive to any market movement.  

He stressed that Saudi Arabia respects OPEC's decisions regarding oil stability in global markets, asserting the Kingdom's commitment to the organization's decisions.  

The Saudi Minister stressed that achieving energy security is the responsibility of all OPEC nations and oil-producing countries, not just Saudi Arabia's.  

Saudi Arabia has plenty of spare capacity to cushion the oil market.  

Last month, Saudi Arabia, the largest oil exporting country in the world, made a surprise announcement to reduce its oil expansion plans and indicated that it is targeting a maximum sustained production capacity of 12 million bpd.  

"I think we postponed this investment simply because ... we're transitioning," Prince Abdulaziz said, adding that Aramco has other investments in areas including oil, gas, petrochemicals, and renewables.  

The minister noted that the decision was not made hastily and was the product of a continuous review of market conditions.  

"We are in [a] continuous mode of reviewing and reviewing and reviewing, simply because you have to view the realities [of the market]," he said.  

He explained that maintaining the maximum sustained production capacity of 12 million bpd is due to the transitioning process.  

Prince Abdulaziz said Saudi Arabia will become the country that exploits all energy resources, announcing that the Kingdom is currently working on issuing tenders for about 30 gigawatts of solar energy. 

"Because we are transitioning, we will save approximately 950k-1mn b/d of consumed crude, diesel, and fuel oil... simply because we are transitioning to renewables and gas."  

He added: "We respect OPEC's decisions regarding oil stability in global markets," noting that Saudi Arabia will become the country exploiting all global energy resources.  

Meanwhile, Saudi Aramco CEO Amin Nasser expected oil demand to increase to 104 million bpd this year and 105 million bpd in 2025, downplaying suggestions that it will peak soon.  

During his participation at the IPTC, Nasser said energy consumption in 2025 will change completely, depending on supply and demand.  

Aramco is fulfilling its promises to save energy and is looking to increase its capacity and daily production.  

He added that Aramco is seeking to search for more sources and investors in hydrogen, gas, oil, and all energy sources, focusing on the primary mission, which is continuity of production and growth in gas, oil, and all energy sources.  

Moreover, Nasser predicted development in all energy fields, such as hydrogen or gas, and highlighted the significant advancements in solar energy.  

Aramco intends to invest in modern technologies and energy, he said, adding that Saudi Arabia is working to increase renewable energy production, support hydrogen, and provide and store energy.  

Nasser announced that Aramco is looking for skills, innovation, and the ability to develop, revealing that the company may establish technical companies and profit-making institutions in various industries.  

Saudi Arabia is hosting the International Petroleum Technology Conference (IPTC) at Dhahran Expo between February 12 and 14, with the participation of over 250 international companies. 

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.