Saudi energy minister Keynote address- 9th OPEC Seminar

[M166-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:30 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

بسم الله الرحمن الرحيم

[M166-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:32 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

Atna, why you remind people that I've been in this office since 2019? Are you hoping that I get to leave?

[M166-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:45 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

First of all, I want to really, on behalf of our colleagues in OPEC, OPEC Secretariat, and I would like you to join me to congratulate my friend Haitham, the entire staff of OPEC Secretariat, for an incredible setting and an incredible organisation and an incredible technical background and build-up for this event to be in everybody's calendar.

[M166-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:24 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

In fact, I'm sure this event, there are quite a few people who would say, damn it, why I wasn't there? So, thank you, Haitham and (…).

[M166-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:40 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

As it goes, I also want to make a statement that in the last, I think, ten minutes, I got acquainted to our friend, -Minister of- representing the Austrian government, and we already go by our first name. I call him Wolfgang and he called me Abdulaziz.

[M166-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:08 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

In fact, we're clicking so to the extent that once I'm done with this speech and he is done with his speech, we have a lot of work to do together and lots of bilateral cooperation that we should attend to. But this is the kind of spirit that we have now, not only as a country and a city that has been inviting and assuring us that as a host country and a host government will do its utmost to enable this organization to survive and work and attend to its function,

[M166-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:46 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

unhindered by any concern of legal concerns and things like that, and I remember a lot of history where the Austrian government had been extremely supportive and helpful. So again, we're here because your country is beautiful, the city is historic, and more important, the people are welcoming. Thank you.

[M166-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:22 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

As I said, we are here in the splendid city of Vienna, and I did thank His Excellency the Secretary General and his team for the hospitality that did the good work. We meet in this historic city in the grandeur, of course, of the Hofburg Palace. All of us have been here for quite several times. As an old timer, I can't recall the number of events that I attended here.

[M166-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:57 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

But in this time around for attending for the ninth OPEC International Seminar, it is a unique, and I stress the word unique event in the global energy calendar and the symbol of OPEC openness and inclusiveness. OPEC continue to provide a forum for dialogue in a world that needs it more than ever. And as John was saying that, -you know- they keep coming, they don't change, we think that 24 was the hardest. Now we're in 25. We think that 24 was a doddle.

[M166-10] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:42 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

Especially in these important issues that are with us today and will be with us in the future, such as in all this uncertainty, we should continue be mindful and really focusing as much as we're trying to focus on the going concern, we really should not lose sight on, again, energy transition and what it would lead to in terms of maintaining security of energy, energy security, affordability, accessibility, and sustainability.

[M166-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:21 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

The path to a successful energy transition must be flexible and pragmatic and guided by data, technology, and acceptance of all sources of energy. At the same time, the energy transition must not come at the cost of economic growth and affordability.

[M166-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:43 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

At all time, the economic circumstances of individual countries must be taken into account. With the global population expected to reach nearly 10 billions and energy demand rising by up to 50% by 2050, the world will need a broad portfolio of energy sources.

[M166-13] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:13 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

While coal, ironically, renewable nuclear and hydrogen are expanding, well, it goes without saying, oil and gas will remain essential, particularly in transportation, heavy industries, and in the development of the emerging economies.

[M166-14] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:35 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

It is encouraging to see that many countries are now taking a more pragmatic view of the transition, reassessing timeline, adjusting policies, and reaffirming the role of hydrocarbon in supporting energy security, affordability, and competitiveness, we have to be also mindful of that.

[M166-15] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:02 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

They are recognizing that the importance of technology, including carbon capture and storage, which will play a pivotal role in meeting climate targets, particularly in sectors where emissions are hardest to abate while preserving industrial competitiveness.

[M166-16] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:27 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

This approach is one that we in the kingdom have consistently advocated and implemented the circular carbon economy as you may remember. Just to remind you, just to remind you that in June 2021, when I was describing the net-zero scenario projection, and realistic sharp decline in oil and gas as a scenario from, you may, some of you remember, I called it the La La Land scenario. I was alone, voicing and unhindered by so-called political correctness.

[M166-17] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:23 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

At that time, I received as many of you remember, a lot of criticism. But I honestly felt it was my duty to raise the voice loud and warn that, if we continue in this unrealistic path, the world will be sleepwalking into an energy crisis.

[M166-18] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:53 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

There is an important lesson -to- of all of this. People can take pride of, well, I read a lot of Gene Austen, so I try, and I owe her a lot in improving my English if it is improved anyway. But people do usually take pride of their opinion. but should not hold prejudice against other people opinion.

[M166-19] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:26 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

So we in Saudi Arabia have been consistent, not only in our messaging, but also in our policy implementation and delivery on the ground. So if you believe it, you have to execute it. And if you execute it, you have to do it properly, and if you fail and you don't succeed, you have to recoil, pause, recoil, adjust and move on.

[M166-20] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:53 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

Economics and innovation is not an ideology, to be honest, should guide us, and not only ideology should guide us as our strategic choice. We should be guided by economics, innovation, and not ideology, because ideology will get us into smacking the wall.

[M166-21] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:16 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

It is necessary for the concept of sustainability to be broadened, such as that economics and commercial dimensions are duly taken into consideration, energy security today is also mean ensuring that the power of grids are reliable, resilient, and the supply chain for critical minerals are secured.

[M166-22] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:50 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

Bottlenecks caused by underinvestment and restrictive policies risk undermining both security and the transition, so what we need now is more cooperation and more collaboration, not less.

[M166-23] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:08 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

We cannot afford being fragmented, the producer, the consumer, the OPEC, the non-OPEC, the OPEC+, and what have you, OPEC, the IEA, EIF, AIE, AI, all the EIEs and PIEs would not serve the world. What serves the world is a cohesive, collaborative scheme that recognizes that none of us, and I mean it, none of us will afford the time we realize that we have gone and run out of energy, simply because of a demagogue attitudes towards how we interrelate to each other.

[M166-24] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:55 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

We just have to remember that we're living in one earth, and the survival of everybody will rely on the survival of everybody too. Therefore, the transition must be inclusive and no one should be left behind and we really have to remember that nearly 1.2 million people suffer from energy poverty as we speak.

[M166-25] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:25 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

In fact, I question that number, although, respectively, it's a UN number, but I don't believe that anybody went for head counting, and probably if we can do, and it can never be, but if we can imagine that it could be done, I believe that the number will be probably double or triple what it is today.

[M166-26] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:50 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

More also, that there are people who are suffering from energy poverty not only, and over two billions rely for cooking on traditional fuel which are unsafe and polluting, and I do say that because we have a young Saudi team that is involved, working their heart in every corner in Africa, in every corner in Southeast Asia, and we know it, and we have the record, and we have the people, and we have the programs, and we're dealing with governments to attend to this issue.

[M166-27] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:14:32 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

What we need is more collaboration, regardless of what is the source, regardless of what is the organization, because for the sake of humanity, we really have to attend to this issue because it's morally and ethically must be attended to.

[M166-28] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:14:51 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

A transition that does not help reduce poverty or improve energy access in developing nations will fail, the benefit of change must reach everyone, we must always be aware that the world changes at a fast pace.

[M166-29] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:10 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

So, I was there, when we put together the Paris Agreement, which was signed in 2015, hydrogen was scarcely mentioned, critical minerals were a niche concern, and no one imagined that AI and data centres would become a major driver of energy demand.

[M166-30] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:37 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

The future evolves quickly, and our strategies must adapt, I must stress that energy transition is not a threat for the kingdom, it is an opportunity actually for innovation, investment and economic development, and in our case, as Saudi Arabia, we are determined to be a model for others, supporting a balanced transition that is practical, which enhance economic development and ensure energy security.

[M166-31] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:16 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

Excellency friends, sorry for taking so much of your time, I couldn't find a better platform to bring my message hopefully home, not only to this audience, but everybody who is willing and has the less pride and less prejudice to at least have the courtesy to hear us.

[M166-32] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:43 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

Hopefully we're making sense for everybody, and hopefully this platform will enable us to gather everybody in attending to this futuristic issue.

[M166-33] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:51 · Saudi energy minister Keynote address- 9th OPEC Seminar · 2025-07-09 · مشاهدة عند هذا التوقيت

Thank you again.