HRH Minister of Energy in SPIEF 2024

[M145-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Minister of Energy in SPIEF 2024 · 2024-06-06

Well, they start two completely different topics, but I will take the issue of Sunday then the other topic which relates to the capacity has to do actually more the domestic issues which is we're transitioning into a renewable oil sector which would save us around a Million Barrel of liquids that we were burning, and we are expanding in our gas system like what Alexander was saying in terms of what Russia is also doing, and because of that we will save a Million Barrels of liquids. some of it were imported actually, and most of it was used from domestic sources, and because of that and because we were assured that all of these plans are going to be executed, we adjusted that production capacity from back from 13 to 12.

[M145-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Minister of Energy in SPIEF 2024 · 2024-06-06

However, in 25 we will have an incremental increase, in 26 we will have a bigger incremental increase, and also a lower incremental increase in 27, and then we will go back to the 12.3 somewhere in 28, because simply we will have another 1 Million Barrel of export capacity that was consumed domestically. Be it as it may, be it increasing of capacity, or increasing of export capacity over the years, you need to have a clear path on how you will produce these volumes, but that doesn't mean like what people are now saying that OPEC PLUS is shifting from being a price fixer, as they claim to a market share fighter, fighting for their market share,

[M145-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Minister of Energy in SPIEF 2024 · 2024-06-06

You know, this interchangeable, I would say, methodologies of intimidation do not work with the OPEC PLUS. And that's why you know in Sunday, we had as Alexander was saying: we had to either do the proper job or scum to the intimidation and of the so-called, I will call it outlets, without being specific being media or otherwise, but you always see them, you know, just before OPEC PLUS meeting, 2 weeks exactly they will start putting speculative positions on what OPEC PLUS will do. Definitely, in all of the cases, they would try to raise expectations about what OPEC PLUS will do.

[M145-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Minister of Energy in SPIEF 2024 · 2024-06-06

So, actually when that decision is taken which would have to be lower than that expectation, they fiddle with the market in such a way. Sunday was not an exception. They remind people what happened in November meeting, and also in June 23 meeting on November 23 meeting, and even other meetings. Then, they will jump on that piece which they created, that is a high expectation of what OPEC PLUS meeting would deliver. And because of that, of that deliverance which I don't know upon what they have came up with, then they will say the meeting was successful or the meeting was unsuccessful. You know, in this last meeting, it is exceptionally unbelievable. We had…. Unfortunately, I have to name that, you know, a respected institution, a respected bank of which I have a great deal of admiration and respect, but when a bank like Goldman Sachs just immediately after the meeting even we have, you know, Haitham And I were doing a briefing. In the middle of the briefing, they issued the two pager I've counted that there are in the two pagers seven times they mention Bearish, Bearish, Bearish .. worst, technically worst and professionally worst. They have had put numbers that are wrong. For example, just to tell.. to show you what kind of our institutions we're dealing with, today.

[M145-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Minister of Energy in SPIEF 2024 · 2024-06-06

In June 23 there was supposed to be a review of what Russia production base or production target and also for that matter Nigeria. And they were adjusted after review with the secondary resources and accepted in our meeting, in November 23. And a bank like this, a respected bank like this did not take notice of the change of the numbers. I don't know what kind of a ...., but again it works for the narrative which is we want to create that bearishness, as a result of a meeting I would call it, and sensible people would call it the most probably. You know, I cannot think of a more important, a more successful meeting than the one we had in April 2020 to attend to the COVID situation, then the last Sunday meeting. And in fact, the purpose of holding the meeting amongst the eight countries that had contributed to the voluntary production cuts or reductions in November was precisely and concisely to address one of the issues, not all of the issues. So, when we were drafting what we were supposed to show to the market, we were drafting it with the view that we will need to put all connect all the dots, that is people were speculating about what we will do with the production reduction or voluntary cuts. And we addressed that amicably.

[M145-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Minister of Energy in SPIEF 2024 · 2024-06-06

People were talking about, as I call it in my briefing in Sunday, the Arma Dragon that will start erupting amongst OPEC PLUS countries on how much each will ask for in the adjustment exercise, and we sort that out. People luckily Suhail is just your impeccable timing is to be, you know, people talked about even speculated about UAE, and I'm sorry to mention that, but for the purpose of completeness or whether UAE will be staying. And not staying, luckily Suhail is here, you know that issue of production and what have you. It was sorted out over, I must say, over a lunch in Abu Dhabi; a very nice lunch, actually a very nice Japanese meal. Suhail was an attendant of that meal. But in any way every question, every amount of uncertainty that people were trying to inject on how we will conduct that meeting was sorted out, even a reaffirmation of amongst the countries that need to compensate was done, the optics was important. That's why we had to bring our friends. We agreed that we should meet in Riyadh to ensure that we will issue a separate statement, unlike the one before, because these energy cuts used to be announced individually.

[M145-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Minister of Energy in SPIEF 2024 · 2024-06-06

So, after the meeting, you know we found people jumping on things that has no even, they did not even manage to read what was published, they did not even hear what the briefing which I spent about almost 45 minutes briefing every respected or lack of it media outlet that do anything on energy, or even analyst, or even bank analyst. We made myself an item made our self available for that, in consultation with our friends that we in addition to the documents that was written to really address every topic that was a source of speculation, we said better still let's have that conversation to ensure that if there is any issue of that is not being understood, or what have you, we can also elaborate to make sure. But again, look at how they jumped on these things which tells you that there is something that get to be coaxed before the meeting and that's why you know all of a sudden now reality check is happening and people recovering from this ambush of so-called, so do reporting if I call it, be it by analyst or be it some of the media Outlet. People are recovering now seeing what we did is correct thing.

[M145-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Minister of Energy in SPIEF 2024 · 2024-06-06

I have still want to make the challenge for every organization in planet earth on how we have done everything to meet the queries and questions. And in top of that with a great deal of visibility on when and how. It's a year and a half agreement. It has all the mechanics, some of the mechanics are not new. We have also exercised it before, especially this issue of pausing or reversing. This is not new. We have talked about a lot of these things that are in details scripted, be it in the statements of the OPEC PLUS press statement, or amongst us the eight countries.

[M145-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت — · HRH Minister of Energy in SPIEF 2024 · 2024-06-06

I think that's why, you know, people are even asked me over the phone they said Are you relaxed? I said: Why not? I know that we did the best job. I know that we are taking, we are in hold of the matter. Now, it's a choice. Do you want to be managed by some outlets that will KPI your Performance, based on their wishful thinking, or you manage the narrative, and you set the way forward. Myself, I don't belong to that old school, where you have people they will tell you jump and then you respond how high, because that is really not the job of respected countries.