G20 speech

[M014-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:00 · G20 speech · 2020-04-11 · مشاهدة عند هذا التوقيت

Good evening from wherever you are, I realize that we will have to wait just a minute or two for some of our colleagues to join us. I realize that there a few countries that have not yet set in their seats.

[M014-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:35 · G20 speech · 2020-04-11 · مشاهدة عند هذا التوقيت

Greeting to your Excellences. Let me begin by extending my sincere gratitude to your Excellences the Ministers, and the Invited International Organization for participating in this extraordinary G20 virtual energy ministerial meeting, which is, by the way, we have been becoming so good with it, Saudi Arabia being the host of the G20 and we have used the facilities and same facilities yesterday. I turned up this morning and I assure you that OPEC+ had established a good new record for a lengthy virtual meeting until the early hours of this morning. I also would like to thank Norway for participating in this meeting.

[M014-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:34 · G20 speech · 2020-04-11 · مشاهدة عند هذا التوقيت

Before we start today's meeting and on behalf of the government of Saudi Arabia, I would like to express our heartfelt sympathy to all those around the world who have been affected with COVID-19. I would also like to wish you, to your families and your fellow citizens good health at this difficult time. Many thanks goes to my dear old friend, the executive director, Dr. Fatih Birol of the IEA for his effort and his commitment in support in supporting our shared objectives.

[M014-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:28 · G20 speech · 2020-04-11 · مشاهدة عند هذا التوقيت

I would also like to recognize the effort of His Excellency Mohamed Barkindo and the OPEC Secretariat and the Secretary-General of OPEC and Dr. Sun, the Secretary General of the IEF. Together, we are facing unprecedented circumstances and extremely challenging times that require immediate action and coordinated response. The dramatic health and economic effect of this COVID-19 pandemic and are being felt across the world. National health care systems have been strained and economic growth prospects have been impaired. Global financial markets are in turmoil as our global energy markets with negative effects on both their stability and security.

[M014-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:33 · G20 speech · 2020-04-11 · مشاهدة عند هذا التوقيت

The uncertainty in energy markets had spilled over into many other sectors, including manufacturing and transport has slowed the pace of investment in future energy supplies both hydrocarbon, renewable and, I would say, efficiencies without sufficient and stable investment to develop and maintain energy infrastructure; our collective energy security is at risk. We have already started to see this playing out along the supply chain, as the company experienced economic pain, capital expenditures are cut and jobs are lost in masses.

[M014-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:17 · G20 speech · 2020-04-11 · مشاهدة عند هذا التوقيت

In this time of crisis, reliable, affordable, and accessible energy is critical to powering our essential services, including health care, to ensure we can quickly advance recovery efforts on both national and global scales. Excellences, our global energy system, from producing to consuming consumer, is in chartered territories and it is our responsibility to find the path forward, as yesterday OPEC Plus meeting countries participating in the Declaration of Cooperation reaffirmed their continued commitment to achieve and sustain a stable oil market. OPEC Plus agreed to a schedule of downward production voluntary adjustment to help rebalance the market, starting with 10 million barrels per day for of initial period of two months, followed by further adjustment through April 2022.

[M014-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:27 · G20 speech · 2020-04-11 · مشاهدة عند هذا التوقيت

The agreement was approved by 22 countries out of 23, but the implementation is conditional on the consent of all participating countries. I do hope that we will rise to the challenge together, recognizing the severity of the crisis and the need to act now. Saudi Arabia urged all G20 members, including Mexico, as well as invited countries, to take appropriate and extraordinary measures to stabilize market conditions based on the principles of fairness, equity, transparency, and inclusivity.

[M014-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:17 · G20 speech · 2020-04-11 · مشاهدة عند هذا التوقيت

The G20 is uniquely positioned to help address energy market instability and insecurity for the benefit of the whole world. We must act together with a shared sense of responsibility to address the unprecedented uncertainty engulfing the energy markets. In this spirit, we will discuss today how to shape a coordinated response and adopt corrective measures with the ultimate goal of enhancing energy, market stability, and security to the benefit of all nations. Now, I am very cognizant that some of our friends here do see and their perception of energy, market stability, and security has a different meaning about their inner energy system or domestic system.

[M014-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:16 · G20 speech · 2020-04-11 · مشاهدة عند هذا التوقيت

But we always can have a way of accommodating their concern with many of our concerns, those at least within the G20 group that is mainly producers of oil and gas, as an outcome today of discussion for our discussion and our consultation with all members, as well as the valuable contribution received over the last several days. We will release a ministerial statement that reflects the steps and measures that will be agreed upon. I would now like to invite three of our international organizations to provide remarks. I would first start with inviting my old friend and pal, Dr. Fatih Birol as the Secretary General of the IEA to make his first remarks. Thank you very much indeed.