- The kingdom鈥檚 oil production capacity now stands at 11.3 million barrels per day
- The listing of Aramco is the centrepiece of 抖阴短视频n plans to shake up its economy and diversify away from oil
MOSCOW: Saudi Energy Minister Prince Abdul Aziz bin Salman has paid tribute to the Kingdom鈥檚 ability to 鈥渞ise to the challenge鈥� in the aftermath of the recent attacks on Aramco oil facilities.
Speaking at the Russian Energy Week forum in Moscow, the minister thanked all those who had helped in the recovery mission after the Sept. 14 strikes on the Abqaiq processing plant and Khurais oilfield, in the Eastern Province.
During his address to delegates at the global oil industry gathering, the prince said: 鈥淚鈥檓 quite comfortable, and quite honored, to believe that I could stand here with a straight face and ask any of my colleagues here, present or who hear me, where in the world would you have a country, a people and a nation who could overcome that challenge, which has never been seen anywhere in the world?
鈥淲hen you lose half of your production capacity, when you lose 5 percent of the world鈥檚 oil supply, and more important, when the attempt is to make you lose your reputation as a reliable, secure, dependable oil supplier.
鈥淚n 72 hours, we first of all regained our capabilities, and retained our reputation, and more or less we assumed our responsibility to attend to our major job, which specifically was to continue to be the most reliable, secure, dependable oil supplier,鈥� he added.
鈥淲ith a straight face we come to everybody and say if you believe us, that鈥檚 fine. If you don鈥檛 believe us, you鈥檙e more than welcome to come and visit. We have hosted a number of journalists who have visited. We were in the phase of inviting analysts to come to look at our numbers with regard to Aramco, and we will welcome any dignitaries that are here today,鈥� he told a packed plenary session on the theme 鈥渕aintaining energy connectivity in an unstable world.鈥�
Prince Abdul Aziz also joked that, as the attack had come in his first week as energy minister, he 鈥渢hought it was a bit of a drill to show me whether I was still up to the job.鈥�
He expressed his gratitude to Crown Prince Mohammed bin Salman, executives and workers at Aramco, and 鈥渢he entire nation鈥� for their response to the drone and missile strikes.
The minister also thanked his Russian partners 鈥� represented on the Moscow stage by the country鈥檚 energy minister, Alexander Novak 鈥� for their support after the attacks, and revealed that on the first day after the introduction of the Kingdom鈥檚 new tourist visa arrangements, some 400 Russians had applied to visit 抖阴短视频, one of the highest number of any nationality.
Later, the prince gave some hard facts to illustrate the Kingdom鈥檚 recovery from the strikes. The country had stabilized production capacity at 11.3 million barrels per day (bpd) and made an 鈥渁dditional commitment鈥� to volunteer to keep production lower than the 10.3 million bpd agreed under the Opec+ agreement on oil supply. 鈥淲e still have the kit and the tools to overcome any future challenges to the Opec+ deal.鈥�
He said the Kingdom should now move on from the attacks to deal with the forthcoming initial public offering (IPO) of Saudi Aramco, which he wanted to make 鈥渢he most successful IPO ever.鈥�
Prince Abdul Aziz also prioritized the Kingdom鈥檚 energy mix between fossil fuels and renewables and further energy price reforms. 鈥淲e鈥檙e looking at the entire ecosystem of energy. We鈥檝e moved on from the attacks, we鈥檝e flipped the page and we鈥檙e looking at new challenges.鈥�
He admitted that there were 鈥渞ecessionary forces鈥� at work in the global economy that could affect demand for oil, but said that most of the problems, similar to Brexit and trade wars, were surmountable. 鈥淗uman beings made the problems so I hope humans can repair them. It needs serious people to attend to them,鈥� the minister added.