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SINGAPORE: Saudi Arabia's energy minister said on Monday the world should be looking at all options to mitigate emissions of greenhouse gases in its fight against climate change, but that getting rid of oil and gas would be "far-fetched and unrealistic".
"Let's not focus on the fuel of choice but rather how we can mitigate and adapt to these realities without showing any preferences," Prince Abdulaziz bin Salman told the Singapore Energy Summit.
Prince Abdulaziz said he embraces technologies that would allow the country which sits on the biggest hydrocarbon reserves in the world to make full use of its resources.
For example, Saudi Arabia is building solar power plants to free up oil and gas for exports.
In response to a question about how OPEC+ has ensured high compliance with production quotas, Prince Abdulaziz said: "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 penalize, and the more it penalizes, 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."
The Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, are cutting output by about 7.7 million barrels per day to balance the global oil markets after demand was severely hit by the coronavirus pandemic.
Supply cuts by OPEC+ have helped revived global oil price Brent to above $40 a barrel although rising COVID-19 cases has again depressed prices.
"The fear now is for a re-occurrence of a second wave," Prince Abdulaziz said, responding to a question about the global oil market.
However, he added he was optimistic that "everybody has learned harsh and tough lessons of attending to the first wave".
"What we need to do is to continue working, attending and improving the world economy and local economies yet ensuring that we will abide by (social distancing measures)," he said.
"Let's not focus on the fuel of choice but rather how we can mitigate and adapt to these realities without showing any preferences," Prince Abdulaziz bin Salman told the Singapore Energy Summit.
Prince Abdulaziz said he embraces technologies that would allow the country which sits on the biggest hydrocarbon reserves in the world to make full use of its resources.
For example, Saudi Arabia is building solar power plants to free up oil and gas for exports.
In response to a question about how OPEC+ has ensured high compliance with production quotas, Prince Abdulaziz said: "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 penalize, and the more it penalizes, 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."
The Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, are cutting output by about 7.7 million barrels per day to balance the global oil markets after demand was severely hit by the coronavirus pandemic.
Supply cuts by OPEC+ have helped revived global oil price Brent to above $40 a barrel although rising COVID-19 cases has again depressed prices.
"The fear now is for a re-occurrence of a second wave," Prince Abdulaziz said, responding to a question about the global oil market.
However, he added he was optimistic that "everybody has learned harsh and tough lessons of attending to the first wave".
"What we need to do is to continue working, attending and improving the world economy and local economies yet ensuring that we will abide by (social distancing measures)," he said.
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1 Comment on this Story
 | Jayeshkumar Panchal38 minutes ago It is not the Engine, Fuel or Batteries, Drastically Reducing the Emission from our Automobiles is about getting Rid of their Energy Wasting Friction Brakes!,(especially in our Stop-and-Go City Traffic), ..be they Engine Driven, Hybrid, Hydrogen or Electric. Our Automobiles made a Huge Energy Mistake right from their creation more than a century and half ago, of not recovering their Kinetic Energy while braking and using that same Energy for powering their next Acceleration, and instead wasting away all that Kinetic Energy as Heat in those Friction Brakes and then stupidly using a lot of New Energy, Engine Power and Fuel for their Next Acceleration. This Simple Energy Mistake has unfortunately remained till date in all our Automobiles even after a Century of Motoring and many Oil Crisis and Wars, as well as this huge Air Pollution, Climate change and Global Warming; but is sadly being repeated even in the Electric, Hybrid and Hydrogen vehicles, with even the Latest of these Green Cars still using those Energy Wasting Friction Brakes!, ..that too on all 4 wheels!. A Drastic Reduction in Air Pollution, Heat and CO2 Emission from our Automobiles is possible, by getting rid of their Energy Wasting Friction Brakes and using a Simple Energy Mechanism for the Recovery of most of their Kinetic Energy while Braking, and reusing that same Energy (Stored in a Transmission) for the Next Acceleration...just like in a pull-back Toy Car. ..Trrrr (Braking), ..Vroom (= Free Acceleration!). |