Saudi Energy Minister: Oil and Gas Will Remain Indispensable Amid Global Energy Transition
Vienna, The Gulf Observer: Saudi Energy Minister Prince Abdulaziz bin Salman reaffirmed the enduring role of oil and gas in the global energy mix, despite the rapid expansion of renewable and alternative energy sources. Speaking at the opening session of the 9th OPEC International Seminar in Vienna on Wednesday, the minister emphasized the necessity of a balanced, realistic, and inclusive energy transition.
“While renewable, nuclear power, and hydrogen energy sources are expanding, oil and gas will remain indispensable, especially in hard-to-abate sectors like heavy industry, transport, and in supporting the economies of developing countries,” Prince Abdulaziz said.
Held under the theme “Charting Pathways Together: The Future of Global Energy”, the two-day seminar features exhibitions, ministerial discussions, and high-level roundtables, attracting a broad spectrum of global energy leaders and industry stakeholders.
Prince Abdulaziz cautioned against sacrificing economic growth and affordability in the pursuit of energy transition goals, particularly as the global population is projected to near 10 billion by 2050, with energy demand expected to rise by almost 50%. He stressed that an unbalanced approach could increase the cost of living and hinder development, especially in vulnerable economies.
“I am pleased to see that more countries are now adopting a more pragmatic and realistic stance toward energy transition,” the minister noted, adding that the shift does not pose a threat to oil-producing nations but rather offers an opportunity for technological progress.
He underscored Saudi Arabia’s commitment to a “consistent and coherent” strategy that balances vision with implementation, and called for a broader understanding of sustainability—one that incorporates economic and commercial dimensions alongside environmental goals.
Highlighting the pivotal role of technology, Prince Abdulaziz pointed to carbon capture and storage (CCS) as a critical tool for reducing emissions without compromising economic competitiveness.
“The current phase presents a historic opportunity to enhance innovation, attract investment, and achieve sustainable development,” he added. Prince Abdulaziz reaffirmed Saudi Arabia’s dedication to setting a global example for a balanced energy transition—one that secures supply reliability while fostering environmental and economic sustainability.
