Arab News

RIYADH: Saudi Energy Minister Prince Abdulaziz bin Salman on Monday said the whole world should focus on energy security.

Speaking at the World Petroleum Congress in Canada, he described the conduct of the Organization of the Petroleum Exporting Countries “benign” and likened its approach to central banks around the world making decisions to fight rising inflation.

The congress is a five-day gathering of officials from oil-producing countries in Calgary, Alberta, Canada’s oil capital.

Prince Abdulaziz said the oil producers’ group is not targeting prices but it is trying to make markets less volatile.

The minister said the international energy markets need light-handed regulation.

He said there was ongoing uncertainty about Chinese demand, European growth and central bank action to tackle inflation.

Asked about Chinese demand, Prince Abdulaziz said the situation “is not bad yet.”

“The jury’s still out. This is the fundamental issue — the jury’s still out.”

Saudi Arabia and Russia on Sept. 5 extended voluntary supply cuts of a combined 1.3 million barrels of oil per day to year end. OPEC, Russia and allied producers are known as OPEC+.

The Saudi minister noted that supply and demand forecasts are not always reliable.

“It’s always better to go by my motto, which is, ‘I believe it when I see it.’ When reality comes around as it’s been forecast, Hallelujah, we can produce more.”