Saudi Arabia remains committed to fulfilling energy supplies: Minister

Saudi Energy Minister Prince Abdulaziz bin Salman said Sunday that the Kingdom remains committed to ensuring uninterrupted energy supplies under all circumstances, declaring that Saudi Arabia is "like a phoenix; we rise from the ashes every time, again and again, and no one can break our resolve."

The remarks came during the opening of the 17th International Energy Forum Ministerial Meeting (IEF17) hosted by Saudi Arabia, represented by its Energy Ministry, and co-hosted by Italy and Nigeria under the theme Energy Security and Shared Goals in a New Era, according to a statement from the Saudi Ministry of Energy.

The meeting came amid ongoing regional tensions and disruptions to energy markets since the outbreak of the US-Israeli war against Iran in late February, followed by the resumption of attacks by Yemen's Houthi group, which is aligned with Tehran, against Saudi Arabia in July.

In his opening remarks, Prince Abdulaziz said "the Kingdom has demonstrated its ability to ensure the reliability of energy supplies, continue investing, and remain prepared to face various circumstances and challenges."

He reaffirmed Saudi Arabia's commitment to honoring its pledges, saying "everyone now recognizes that the Kingdom is capable of standing firm and confronting challenges. No one will be able to undermine our determination or deter us from continuing our path of progress and fulfilling our commitments, whatever the circumstances."

"No one can break our resolve. We are like a phoenix, rising from the ashes every time, again and again."

"Therefore, I am pleased to share with you my conviction that this country, and this city of Riyadh, is the capital of energy security," he added.

He said the East-West Pipeline reflects the Kingdom's foresight in strengthening the resilience of its energy system, as it provides an alternative route for transporting supplies to global markets through Yanbu on the Red Sea coast.

On Oct. 6, Prince Abdulaziz said the Kingdom was currently pumping 5.8 million barrels of oil per day through the East-West Pipeline.

This marked the first official Saudi announcement of the pipeline's operating level after it had been temporarily shut down following attacks several weeks earlier.

In his remarks on Sunday, the Saudi minister stressed that "ensuring energy security is a shared responsibility that no single country can fulfill alone. Rather, it requires effective international cooperation and coordination."

"Energy security is a fundamental pillar of economic stability and sustainable growth, and compromising it puts economies and their competitiveness at risk," he added.

He noted that "the Kingdom adopts a comprehensive approach to strengthening energy security, encompassing oil, natural gas, renewable energy, nuclear energy and geothermal energy."

The meeting was attended by Italy's Environment and Energy Security Minister Gilberto Pichetto Fratin and Nigeria's Minister of State for Petroleum Resources, Heineken Lokpobiri, according to the statement.

Also in attendance were the secretary-general of the International Energy Forum, Jassim Isa Al-Shirawi, several energy ministers from around the world, industry leaders and heads of international organizations, the statement added.

Ministers and representatives of the energy sector expressed their "full solidarity with Saudi Arabia and its people following attacks targeting civilian infrastructure," according to the statement.

They affirmed that "holding the ministerial meeting in Riyadh demonstrates the Kingdom's high level of resilience and reflects a spirit of unity and shared commitment."

The International Energy Forum's ministerial meeting, with the organization's secretariat headquartered in Riyadh, is "the world's largest gathering of energy ministers and a key platform for dialogue between energy-producing and energy-consuming countries, contributing to the strengthening of global energy security," according to the Saudi statement.