Al-Naimi addresses Doha Energy Forum

April 2, 2013

Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi said in an address yesterday that future demand for oil will remain strong, despite the difficult global economic situation. Speaking at the opening session of the Doha Energy Forum, which was organized by the Brookings Doha Center and inaugurated by Qatari Prime Minister Sheikh Hamad bin Jassim Al-Thani, Al-Naimi said, “The expectations of energy demand and growth are still positive.”

The Oil Minister noted that energy markets have become more complex, as new resources and technologies have come into play. “There are continuous investments in the field of renewable energy sources,” he said. “If we want to meet the growing demand in the twenty-first century, we need all energy sources. The GCC [Gulf Cooperation Council] commitment to the stability of energy markets has been one of the constants during the past thirty years. The GCC member states are continuously able to meet global demand resulting from global economic growth or temporary supply interruptions. I am confident that this approach will continue.”

Al-Naimi added, “We welcome the access of all sources of new energy to the market. I do not see that we should be worried of new supplies of energy sources in light of growing global demand. It is true that there are more companies and countries that compete to win a bigger share of the market, but it is also true that the market is large.”

Al-Naimi pointed out that the use of natural gas helps activate the petrochemical sector, creates new jobs for citizens, and assists GCC countries in meeting required environmental standards. “Regarding the Kingdom of Saudi Arabia, the usage of gas locally helps to relieve the demand for fluids, which grants us more energy for exporting,” he said. “But it is clear that the GCC states will remain a reliable partner in the world energy supply.”

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