جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook

[M109-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:15 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

And any chance for making it three minutes.

[M109-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:37 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

Well, I want to assert a much better vindication. First of all, I'm very grateful for the attendance of His Royal Highness, Sheikh Tamim, it's been an honor to be here, although I don't call myself a guest. I'm part of this country and part of the family. I intend to compete with the Saudis both men and women who came to the World Cup and brought joy and passion and demonstrate that joy and passion and love for this country and its people.

[M109-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:25 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

So, what I am here for is that and that precisely the other things are details.

[M109-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:40 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

Yeah, but you know we are relaxed people. We take things in a different latitude. We are focused on the bigger picture. Yes, the nuances of the day and tomorrow and after tomorrow are crucial, but we deal with them tactically. We in Saudi Arabia do have a vision, it's called 2030. This is our main drive; everything revolves and revolves around it So, whatever, if people sometimes ask what they intend to do here and there, all what I need to tell them just go back and read what we have put together in that vision and you will find all of your answers.

[M109-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:32 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

Now, in today's environment my colleagues here will tell you that we are dealing with such volatile situations. Almost all of them have been generated and created for nothing, that we have had anything to do with. However, realistically, we have to handle it and deal with it in an amicable way again, but not losing sight of our future trajectory. It is unfortunate that we have to be vigilant, we have to be proactive, as we have in OPEC Plus, have been saying for quite some time. I think the three adjectives that people need to continue to remember is being proactive, preemptive, and the new word that we have injected in our language is we have to also be hedger of what may come, not necessarily that we are issuing a judgment about it.

[M109-10] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:40 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

But the message I would like to bring here is that the whole world needs not to forget that we have a future, and we should be brave enough, courageous enough to attend to that future, without continuing this so-called kicking the "can" policies. Those policies that would may allow us to find the situation for this month, next month or even the month after. But, with that we'd losing sight of our intentions and our more extreme important objectives.

[M109-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:49 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

This is I follow up with Sa'ad, you know, unfortunately I'm known for being quite a cynical, sometimes sarcastic person, so it's not all about switching the valve, turning the valve, or tilting the pipe. These things take a lot of time and a lot of investment, and for investors to do what is needed, they need certainty. We have a huge certainty gap, that's the real picture. Again, I have to emphasize, people are too much driven by the policies of the month and two and three. Somehow, I'm not in the horses' business, but in the UK and elsewhere they have what they call them blinkers or blinders.

[M109-13] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:42 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

Now, those two things they used to put them on the sides of the two horses. Now, we have policy blinkers and they are putting it in the front of the policy maker, which is make sure that whatever you do can get you on a day-to-day basis, or a month-to-month basis, or it may be six-month basis. People are really not daring enough to see the bigger picture and the longer-term picture. If they gaze to that picture, with all these convoluting things that are happening, in the form of transitioning, in the form of actual existent elements of uncertainty, driven by the fact there is no clarity on what would be the policies of the future. It actually makes it very apprehensive for an investor to invest, and even from the producer's side, be it whatever it is, including by the way hydrogen, you know.

[M109-14] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:51 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

People talk about hydrogen is the fuel of the future. I ask you: who is going to be the off taker? And Where is the price for hydrogen, today? We go around, Sa'ad, you go around talking about Blue, Green, Purple, Pink Hydrogen, but in the final analysis, who is going to be the off taker? What would be the price of hydrogen? We're not talking Oil, we're not talking Gas. We're talking about the so-called Cleanest Of Cleanest Future Fuel of The Future, and yet you don't have the off takers, because again there are no clear policies for the off-tracker to say I have been given an incentive package that would enable me to buy that hydrogen even green hydrogen for that price for producers to produce it.

[M109-15] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:49 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

If this is happening to hydrogen, and what we saw in Europe in terms of power, last autumn, rescued by a gift of God, that the winter was not as cold as was projected. How on Earth one can envisage an energy future with all this uncertainty!? And more important, with all these big questions that are not being answered.

[M109-17] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:14:40 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

Well, I'm glad that you brought that question, but I would have to backpedal, if you allow me. Now, we as OPEC PLUS blamed in October, blamed in April; Who has the right numbers? Who gets the situation in a much more, I would say, responsible way but a tentative way? And What was our endeavor? where we are Price Coachers or Market Stabilizers? I think over the last six, seven months, we've proven to be a responsible regulatory institution. We had not had that; Look at what happened to the other resources of energy in 22. What we need to do in the future continue delivering in our authority, because if you check what happened with all these so-called projections and forecasters, and I hope you can just give me a few seconds.

[M109-18] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:47 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

Look, Who did the most in trying to bring forecasts and data and projections that really created most of the volatility that we've had in 22 and continue to do so. I mean there is an organization called the IEA, I think they have you know proven that it really takes a special talent to be consistently wrong, and that's exactly what they have done. Who put together that Russia production will decline Three Million. What happened? None of that happened. Policies were made in the form of SBR draws as a result of that, what was the use for it? Look at where we are now? Energy security is being chuckled, we're running out of capacities, because countries are not investing both in oil and gas.

[M109-19] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:50 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

We have a very funny trajectory of what a demand would be. So, if you are a hedger, as we are we'll have to take action to prevent any possibility of further volatility. And that's the challenge but we are forthrightly accepting the challenge, and we will continue attending to the challenges.

[M109-21] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:26:52 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

Well, I was asked once "Are you worry?". I don't worry; I think. You know, I save my neck by not worrying and I focus on thinking. So, I don't worry, I think the speculators like anything in any market they are there to stay. I keep advising them that they will be ouching, they did ouch in April. I don't have to show my cards. I'm not a poker player and I how to play poker, but I got it from a movie somewhere, I would just tell them watch out.

[M109-23] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:27:44 · جلسة سمو وزير الطاقة في منتدى قطر الإقتصادي | Energy Minister Outlook · 2023-05-23 · مشاهدة عند هذا التوقيت

Okay