Minister of Petroleum and Mineral Resources Ali Al-Naimi addressed the 2nd World Islamic Economic Forum (WIEF) in Islamabad, Pakistan today.
In his remarks during a session on “Managing Energy Demand,” Al-Naimi put forward four key points. First, he said that the world should not be intimidated by the prospect of growing energy demand, because rising demand indicates prosperity. Second, he contended that oil, gas and coal are plentiful and sufficient to meet global demands for the foreseeable future.
Third, he noted that there are large quantities of nonconventional hydrocarbon resources of heavy oil that can be tapped to meet demand. Finally, he suggested that technology and price are critical to expanding resources; technological advances to find innovative new ways to develop resources, and prices that provide sufficient returns to encourage investment.
“Meeting the aspirations of the world’s people for increased prosperity can only be achieved through the cooperative efforts of both consumers and producers,” Al-Naimi said. “The world must find, develop and produce large new quantities of energy on a scale unprecedented in the history of mankind. I believe it can and will be done, but it will not be easy.”
Al-Naimi also commented on the Kingdom’s oil policies, noting that they focus on a willingness to supply the markets with additional oil as needed to maintain short-term price stability by maintaining spare capacity, at significant cost to the Kingdom.
The World Islamic Economic Forum (WIEF) is an initiative dedicated to the exchange of ideas, business collaboration and economic cooperation among Muslim nations and between Muslims and non-Muslims.Transcript of Al-Naimi's speech