Saudi Arabia endeavors to safeguard stability in global oil markets: Saudi Crown Prince

Riyadh, The Gulf Observer: Saudi Arabia’s involvement in the global economy’s energy markets is geared toward bolstering the stability of the global oil markets, according to the Saudi crown prince.

The remarks were made during Crown Prince Mohammed bin Salman’s opening address at the annual royal inaugural speech of the fourth year of the eighth session of the Shoura Council on Wednesday.

According to a release by the Ministry of Energy, he emphasized the Kingdom’s crucial role in establishing and continuing the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, through spending that aims to accelerate market stability and ensure the sustainability of its supplies.

The Saudi prime minister highlighted the significance of oil in supporting global economic growth, expressing the Kingdom’s eagerness to develop and invest in all its energy resources.

In his address, he also spotlighted the Kingdom’s commitment to “new energy” programs and initiatives, citing their “positive impact on the Saudi economy,” according to the release.

He further added that through plans and programs aimed at increasing the contribution of renewable energy sources, the Kingdom aims to have about 50 percent of its energy produced through renewables by 2030.

The crown prince said: “Your country has achieved leadership in protecting the environment by introducing local and international initiatives that rely on clean energy and contribute to reducing carbon emissions, the most important of which are the Saudi Green Initiative and the Middle East Green Initiative.”

He emphasized that developing a plan with clear milestones to achieve global goals affirms the Kingdom’s commitment to international sustainability efforts and contributes to increasing the region’s capabilities to protect the Earth.

The crown prince also noted that Saudi Arabia will continue working toward economic transformation in accordance with the goals of Vision 2030, stating that the positive results achieved already show the promise of more success in future economic reforms to strengthen the financial position of the Kingdom.