Tuesday, 02 January 2024 12:17 GMT

Saudi Energy Chief Warns Global Supply Up Against “Real Test”


Date:

(MENAFN) Saudi Arabia says it has planned ahead for supply shocks as regional attacks threaten energy routes and infrastructure. Energy Minister Prince Abdulaziz bin Salman warned Monday that global energy security faces a “real test.”

Speaking at the formal opening of the 25th WPC Energy Congress in Riyadh, he said the Kingdom acted before disruption hit.

“Global energy today faces a real test, and we have put plans in place to preserve energy security before crises occur,” Prince Abdulaziz said.

The four-day congress began Sunday, and it is the first time Saudi Arabia has hosted it. According to a ministry statement, the minister said the Kingdom intends to stay a key pillar of global energy security while pursuing its long-term strategy.

“Our eyes are focused on what would deliver us into the future -- the future of our sons and daughters and their sons and daughters,” he said in his speech, as cited by a ministry statement.

Prince Abdulaziz said Riyadh has become a hub for energy security talks, and that Saudi policy will keep prioritizing long-term goals over short-term pressures. He added that the Kingdom will overcome its current challenges and stick to its plans and commitments.

He pointed to recent events as proof of the risk.

“Recent developments in the region and the Kingdom have reinforced that energy security cannot be taken for granted, particularly as supply routes come under pressure and infrastructure is targeted,” he said.

The minister said Saudi Arabia has spent decades investing in infrastructure, spare capacity, storage, alternative export routes, technology, domestic supply chains and human capabilities.

“Resilience must be built before crises occur,” the minister said.

He also argued that localization is more than an economic goal, describing it as “a strategic capability that supports business continuity and recovery when international supply chains are disrupted.”

Prince Abdulaziz said a system’s resilience is measured by more than spare production capacity, pipelines and power-generation capacity. It also depends on “by the ability to maintain, repair, reroute, substitute, recover and continue delivering supplies under pressure.”

He said the Kingdom’s capacity to absorb shocks and recover supports the reliability of international energy supplies and strengthens its standing “as a trusted partner in the global economy.”

“There can be no energy future for all without energy security for all,” he said, adding that energy security and the transformation of the energy sector should advance together.

Under the theme “Pathways to an Energy Future for All,” the congress runs Oct. 11-15 in Riyadh. The Saudi Energy Ministry expects more than 25,000 participants, including over 100 ministers and nearly 500 CEOs from 80 countries.

The gathering comes as hostilities escalate between Saudi Arabia and the Houthis in Yemen, with airports and other civilian and energy facilities hit in recent days.

Shipping through the Strait of Hormuz has also been disrupted since Iran restricted vessel transit in April 2026. That followed a war the US and Israel launched against Iran in February of that year.

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