Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, confirmed that the historical production adjustments made by OPEC producing countries and producing countries outside it, and the great support we reached in the extraordinary meeting of energy ministers of the G20 countries, chaired by the Kingdom for the summit in April of last year, have eased The impact of the Covid-19 pandemic shock, enhancing energy security and market stability.

In his speech delivered today during the opening of the 11th session of the World Energy Forum, the International Energy Agency and OPEC, His Highness said: “We are now in a much better position than we were last year, but I warn once again against complacency, as the level of uncertainty is very high, and we must. To be very careful, realizing that teamwork is the ideal way to face the upcoming challenges. "

His Highness indicated that long-term forecast models are very useful for obtaining a deep analysis, which helps the planning process with greater knowledge and objectivity, useful that these models depend on the assumptions on which they are based, but are not able to take into account unexpected events, referring to the global financial crisis in 2008. And the many geopolitical events that destabilized markets and trade movement, and the pandemic that disrupted economic activity and human life, indicating that none of the models could predict such articulated events.

His Highness said: “On the occasion of the World Energy Forum entering the thirtieth anniversary of its first ministerial meeting, the Kingdom is proud to be one of the main countries that contributed to the establishment of the forum’s secretariat, as one of the most important global platforms for dialogue, and this cooperation took a formal character in the 2010 agreement, in which it was defined. Certain areas of cooperation between OPEC, the International Energy Agency, and the World Energy Forum.

He added, "The effects of this pandemic will be absorbed and overcome through cohesion, dialogue and data transparency in the energy field, and that is the mission and basic objectives of the World Energy Forum, and this is what the Kingdom sought to achieve during its presidency of the G20, through the energy and energy sustainability task forces." To accelerate our joint efforts when the Kingdom hosts the seventeenth ministerial meeting of the World Energy Forum and the Business Forum in the second half of 2021 AD.