Riyadh – Mubasher: Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman, said the world should be looking at all options to reduce greenhouse gases emissions in its fight against climate change, but that getting rid of oil and gas would be "far-fetched and unrealistic", according to Reuters.
"Let's not focus on the fuel of choice but rather how we can mitigate and adapt to these realities without showing any preferences," the minister told the Singapore Energy Summit on Monday.
Meanwhile, the minister noted he embraces technologies that would allow the GCC state, which has the world’s biggest hydrocarbon reserves, to make full use of its resources.
On how OPEC+ has ensured high compliance with production quotas, Prince Abdulaziz explained, "Engaging people as equal, ensuring that people do understand that the lack of conformity and lack of commitment would undermine ... the credibility of this agreement to the market."
"Therefore the market, instead of rewarding us, it would actually penalise, and the more it penalises, the less the others who are in conformity with it would see the point of continuing control, and then all of this will cascade down to nothing," he added.
The OPEC+ are reducing output by about 7.7 million barrels per day (b/d) to balance the global oil markets after demand was severely hurt by the coronavirus pandemic.
Responding to a question about the global oil market, the minister said, "The fear now is for a re-occurrence of a second wave." However, he said he was optimistic that "everybody has learned harsh and tough lessons of attending to the first wave.”