11th IEA-IEF-OPEC Symposium on Energy

[M030-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:01 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

Thank you very much and I am very grateful to be part of this forum and be with the set of distinguished friends and colleagues and pronouned professionals and experts. I certainly have some remarks to make, but I could not start without having to put few words of hope and good wishes for our friends, and I would add family members in many places in Texas, Oklahoma, California, Louisiana.

[M030-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:44 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

I certainly, as a Saudi, as someone who is heading this sector, I can speak volumes about friendship and partnerships, and since the family that we have with so many of these states, I can speak on behalf of the whole sector, to say that our hearts and minds are with you, and as always, Saudi Arabia does stand ready to extend any support that we can lend or render.

[M030-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:20 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

We would leave no capacity that we have within our reach that we could offer to help and support that we will be ready and stand ready to be that supportive friend and supportive family member.

[M030-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:40 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

And with that, I would like to start my prepared remarks for this particular event. To start with ladies and gentlemen, it is my pleasure to welcome you all to the 11th Symposium of Energy Outlook. This trilateral symposium is the result of the collective and dedicated work of the very capable team in the three organizations. So I would like to have everybody to thank our colleagues at OPIC, the IEA, and the IEF, for their hard work and commitment.

[M030-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:21 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

So much has happened since our meeting in February last year, then we were able together to get together in person since we were in the very early stages of what the World Health Organization would later declare an epidemic. Who would have thought that one year later we would be meeting virtually, rather than at the IAF headquarters in Riyadh, it shows how impossible this has been to predict.

[M030-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:57 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

You still recall that in my remark at last year’s meeting, I rang the alarm bell about the potential impact of the pandemic on oil markets and highlighted the need to be vigilant and take action. I said then that the pandemic was like a house on fire, and we could either try to fight it with a garden hose or call out the fire brigade.

[M030-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:23 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

Although these comments were said under Chatham House rules, they were spread widely. The results since then demonstrate that Saudi Arabia’s view of using professional firefighters was the correct one. It took either a whole while or a while to come around to this view, by which time we needed to have multiple fire brigades.

[M030-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:02 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

The historic production adjustment that OPEC and non-OPEC producer, OPEC Plus have implemented was followed by wider support we forged at the extraordinary G20 energy ministerial meeting led by the G20 presidency of Saudi Arabia in April last year.

[M030-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:25 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

This have cautioned the the shock from COVID-19. Enhancing energy security and market stability.

[M030-10] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:39 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

We are in a much better place than we were a year ago, but I must warn once again, and I know that I might not be liked by that against complacency. The uncertainty is very high and we have to be extremely cautious, the scars from the events of last year should teach us caution. In other words, the football match is still being played, and it is too early to celebrate and declare any victory against the virus.

[M030-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:16 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

The referee has yet to blow the final whistle, that is hope that we can apply these lessons, the lessons we have learned over the past year. One of these lessons is the futility of trying to predict what is around the corner, and the best way we can do so, is to increase our preparedness and resilience, realizing that collective action is the best way to tackle the challenges ahead.

[M030-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:52 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

And on the subject of predictability, this also applies to those who are trying to predict the next move of OPEC Plus. To this, I say do not try to predict the unpredictable. I would have to say constructive ambiguity in this case is quite I think. Distinguished guests, Long-term models are very useful to represent a complex world, and again insightful analysis helps the planning process in a more informed and objective manner.

[M030-13] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:41 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

However, we also need to recognize the limitation of the models and understand that today’s projections will turn out to be wrong. Models are highly sensitive to underlying assumptions and are unable to take account of unexpected events.

[M030-14] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:04 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

Think of the global financial crisis of 2008, the many geopolitical events and that destabilized markets and trade flows, and the pandemic which disturbed economic activities and human lives. None of these models were able to predict such key events, nor their impact and cascading effects.

[M030-15] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:32 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

However, what these models show is the high degree of uncertainty and the importance of adapting and increasing our resilience to a very unpredictable environment.

[M030-16] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:49 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

This also shows the extent of the challenges we face and the reality that these can be only addressed through collective effort and collective action.

[M030-17] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:03 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

Distinguished audience and guests and friends, as the IEF enters the 30th anniversary of its first ministerial meeting, Saudi Arabia is proud to be one of the main countries which contributed to the establishment of the IEF Secretariat as one of the key international platforms for dialogue. This collaboration was formalized in the agreement of 2010, which identified specific area of cooperation. I know myself, Fatih and so many others had spent a couple of nights in Paris going through the nitty gritty document that is bringing us together today between OPEC, of course, and the IEA and the IEF.

[M030-18] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:57 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

The impact of the COVID-19 pandemic will be observed, absorbed, and overcome through greater energy, solidarity, dialogue, and data transparency. The fundamental aim and mission of the IEF. This indeed what the Kingdom aims to achieve during the G20 presidency through the Energy Sustainability and Energy Focus Group Working groups.

[M030-19] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:31 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

And I look forward to accelerating our joint effort when Saudi Arabia will host the 17th International Energy Forum Ministerial Meeting and Business Forum in the second half of 2021, which is a hope and a wish that I think all of us should look forward to it.

[M030-20] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:53 · 11th IEA-IEF-OPEC Symposium on Energy · 2021-02-17 · مشاهدة عند هذا التوقيت

thank you very much