Riyadh – Saudi Arabia’s latest efforts whether with US or during King Salman’s visit to Asia all aim to establish a strong economy unaffected by oil prices, according to Minister of Energy, Industry and Mineral Resources Engineer Khalid al-Falih.
Falih said the deals will have a positive impact both on the economy and the people of the Kingdom, as hundreds of thousands of jobs will be created for the Saudi youth. He pointed out that the Kingdom made important steps regarding generating power and oil, adding that renewable resources like solar and wind energy will be an essential part of Saudi’s energy system.
Speaking on the sidelines of the Gulf-US and the Arab-Islamic-US Summits, the minister said that the National Transformation Program and Vision 2030 both include important aspects of enhancing the energy sector of all of its sides.
Earlier, Aramco signed at least 10 agreements with 10 companies of $22 billion value. The company also announced a new Saudi company that manages the projects.
Speaking on the oil sector, the minister said the Kingdom believes that extending the oil-cut agreement is enough to drain oil inventories.
“Extending the current agreement on global oil supply cuts until March next year, and adding one or two small producers to the pact, should be enough to reduce oil inventories,” he said.
“We believe that continuing the same level of cuts, plus eventually adding one or two small producers, will be more than adequate to bring the five-year balance to where it needs to be by the end of the first quarter of 2018,” he emphasized.
The minister welcomed the Russian position on the call for a reduction in production for another nine months. He pointed out that the suspension of oil dealing with Iran is due to the sanctions imposed since last October.
He said that the kingdom produces about 10 million barrels of crude oil per day, pointing to the improvement in the kingdom’s financial index.
According to the minister, investors have no better choice than investing in the Saudi market.
Falih dealt with the friendship between the Kingdom and the US which extends for eight decades. The friendship between the two countries contributes in achieving prosperity for the international community in general and the two countries in particular.
The minister disclosed that the relationship in the fields of trade and investment between the Kingdom and the US is a part of the close friendship between the two countries, pointing out that there are many great opportunities to move the relationship between the two countries to higher levels.
Princess Reema bint Bandar, Vice President of Women’s Affairs at the General Sports Authority, said that Vision 2030 granted women a greater role, and there should be impartiality when discussing gender equality. She expressed her pleasure that President Trump visited Saudi Arabia and assured that opportunities in Vision 2030 are real.