Saturday, 21 October 2017 05:05 GMT
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Al-Naimi: Energy markets becoming more complex

(MENAFN - Arab News) Petroleum and mineral resources minister ali al-naimi called on all countries in the world to support and cooperate with the international energy forum (ief) so that it enables to achieve its purpose and boost it structures at the regional and international levels.

'i think there is an argument to take the ief to the level of a full international organization which will reflect the vital importance of energy in the present world" al-naimi said in his key note address at the 14th international energy forum in moscow carrying the theme the new geography of energy: business as usual or a new era for energy supply and demand the saudi press agency reported.

stressing the relevance of an organization like the ief al-naimi said: ''the ief's strength comes from its non-political nature. it is not producers against consumers. it is not north versus south. it is not the west versus the east. i believe it is already playing a truly positive role in global energy affairs and it is needed now more than ever." 

al-naimi said: 'the world is changing the global economy is expanding and the global middle class is increasing. this rising level of prosperity is having a fundamental impact on long-term global energy demand. so it is clear to me that the energy challenges of the 21st century will not be business as usual."

he continued: 'new sources of energy are coming on stream technological innovation is increasing and global energy markets are becoming ever more complex. mitigating supply disruptions and understanding demand growth are global issues. we can only fight climate change together."

no single country can ensure global energy poverty is eradicated. achieving these shared goals requires the countries of the world to enter a new era of cooperation and transparency with new thinking and creative solutions he said.

'over time the ief has become an ideal place for testing new ideas and exploring the possible impacts of new energy developments. the joint organizations data initiative has brought a step-change in terms of the integrity of data — vital for oil market stability. it is increasingly gaining acceptance and trust" he said.

today there is a new geography of energy. it cannot be business as usual. we are grappling with issues that simply were not on the agenda 40 years ago he said. 

so energy is vital and it requires the highest priority. all nations can commit themselves to working with the ief to enhance its purpose and structures regionally and internationally. clearly it could be leaner and stronger he added. 

energy will continue to be the foundation for economic growth and development around the world. we all need modern forms of energy to live.

'we need energy to help feed us clothe us and keep us warm — or in our case cool. we need it to help educate our young people for transport and to enable mankind to communicate like never before" the minister said.


Al-Naimi: Energy markets becoming more complex