Stock Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud
Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud, Image Credit: Reuters

Riyadh: Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, highlighted that his country is the world's most dependable source of oil, and that the Saudi Vision 2030 has evolved into the national vision for Saudi Arabia.

The minister stated that Saudi oil exports to Europe doubled in September to 950,000 barrels per day (bpd), compared to 490,000 bpd last year, while speaking at the Future Investment Initiative (FII) conference, which got underway in Riyadh on Tuesday.

The minister said the current energy crisis may be the worst to date. “We are communicating with many European governments regarding the current crisis, as Europe is witnessing a critical stage in supply chains,” Prince Abdulaziz was quoted as saying by the Saudi Gazette.

“In the coming months, we will supply oil to all who need it from us.”

The minister also cautioned against dipping into strategic petroleum reserves. Prince Abdulaziz commented on the current economic downturn by saying: “Everyone is predicting a major recession, therefore it's crucial to prepare for the worst. The worst case scenario must always be anticipated,” he told the forum.

The minister referred to the upcoming climate conference and said: "We are looking forward to the climate conference, which will be hosted in Egypt. To assess our progress, we will hold the Middle East Green Initiative and the Saudi Green Initiative. During the conferences in Egypt, we will make a lot of progress in the energy sector,“ he added.

In conjunction with the 27th United Nations Climate Change conference, which runs from November 6–18, Sharm El Sheikh in Egypt will host the Saudi Green Initiative Forum and the Middle Green Initiative summit.