Saudi Arabia acknowledges the growing global demand for energy and emphasizes the need for reliable and efficient energy supplies to meet this demand.
Faisal Alibrahim, Saudi Arabia's Minister of Economy and Planning, addressed this during a panel discussion at the World Economic Forum in Davos on Friday.
"The priority for Saudi Arabia and OPEC is to ensure long-term market stability and sufficient energy supplies to meet rising global demand," Alibrahim stated, as reported by Ukrinform.
He noted that demand is increasing, not only in the United States but also due to advancements like artificial intelligence, and stressed the importance of balancing energy security with efforts to combat climate change.
Alibrahim highlighted the need for equitable access to energy for developing nations and warned of the risks of mishandling the global energy transition. "We can't afford to get this wrong. Energy supply and security are critical for global growth and prosperity," he said.
The minister also referenced Saudi Arabia’s Vision 2030, a roadmap for diversifying the kingdom's economy. He revealed that non-oil activities now account for 52% of the country’s GDP—a historic milestone. Growth in the non-oil sector is projected to reach 3.9% by the end of 2024, rising to 6.2% by 2026.
Alibrahim emphasized the longstanding partnership between Saudi Arabia and the United States, spanning over eight decades. He also mentioned that investments tied to Vision 2030 could exceed $600 billion, significantly more than the $1 trillion investment target President Donald Trump proposed increasing.
President Trump recently suggested that Saudi Arabia and OPEC should work together to lower oil prices, claiming this move could "instantly" end the Russia-Ukraine war. Trump also called for Riyadh to boost its investment package in the U.S. to support American economic growth.
