Minister of Energy’s Speech at IEF17

[M184-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:00 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

First of all, out of my cough, I just cannot express how much we are indebted to our friends who went out of their way to do the impossible to be here, and with a great deal of gratitude on behalf of all the organizers who had sweat for months to deliver this event and the event of tomorrow and the events actually of tomorrow and after tomorrow because we're clustering here doing almost six different events in one go. It is disheartening, however, to not to have all of our friends but understandably, they have their own precautionary measures which didn’t enable them to be with us.

[M184-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:08 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Some of them are actually linked with us and they will be joining us virtually with some representation from their government. But we look forward to the World Energy Council which will be held in April where we can also congregate again in this country that had been involved for so many years in advancing and advocating the issue of energy security, energy sustainability and affordability.

[M184-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:51 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

It's an endeavor that we all believe in. But again, aside from what my speech is all about and hopefully that speech can enable people to focus on the what are the most important subjects that those of us who are interested should focus on because the delivery of energy security is a daunting job. And that daunting job will have to be done not by one country but all countries. And if we fail to work in a cohesive way, we stand developing small islands where each and everyone thinks that he has done the right job to ensure that his supplies or production of all sorts, be it renewable or oil and gas. It is in this circumstances that we are going through which is a first in my belief but again, it enforces the argument that the world need to work cohesively to attend to these situations.

[M184-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:32 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

So aside from welcoming you and acknowledging your ability to come and go through the process which we had to create to ensure your safety and to ensure that you are also well-received as a host country.

[M184-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:55 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Back to my statement, Your Excellency, distinguished leaders of the global energy community, ladies and gentlemen, welcome to Riyadh.

[M184-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:06 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Well, I have another line but I will keep it for tomorrow. It is a privilege to welcome you to the 17th International Forum Ministerial Meeting. I think our moderator, the IEF Secretariat and everyone who is working has made this gathering possible. So thank you very much as the Secretariat of the IEF.

[M184-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:33 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

To all those who have made the journey to Riyadh despite the current circumstances, thank you. Your participation and your presence here matters and matters a lot for us. This is the first IEF ministerial meeting since 2018. Eight years have passed since this gathering last took place.

[M184-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:59 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

We originally planned to meet in 2020. The pandemic disrupted those plans and in the years since, successive shocks have tested the energy market and the global economy.

[M184-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:17 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Throughout the period, the IEF continued its dialogue and analysis and analytical work. Today, we return to the ministerial with even more urgent questions to address.

[M184-10] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:30 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

This is precisely the time to discuss energy security and strengthen dialogue amongst us, all of us, without distinction. Meeting in person allows us to exchange assessments directly, examine concerns candidly and build the understanding needed for practical cooperation.

[M184-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:56 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Your presence reinforced the importance of the IEF. It also affirmed the Kingdom role in bringing the global energy community together and sustaining dialogue through difficult circumstances.

[M184-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:13 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Saudi resilience and foresight, I think by now people take it as given. Saudi Arabia remains resilient. No one can shake our determination to sustain our progress and fulfil our commitments. The Kingdom has demonstrated this ability.

[M184-13] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:42 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

We value our commitment. We make sure that whatever happens, our resilience, our plans, our commitment to the world will be adhered to. There is no way that somebody will break our back. We are like a phoenix. We come out of the ashes all the time and every time.

[M184-14] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:15 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

So I'm proud to share with you my view that this country, this city of Riyadh, is the capital of energy security. Undoubtedly, because of the women and men that work, and I stress the word women and men that work in this sector, I wish you have spent the time with us over the last eight months to see how much we have been doing and will continue doing to assure people that we will never fail them and we will discharge our commitment to the latter.

[M184-15] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:02 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

This is the aspect of Saudi Arabia that people, so many people know, but I think with this opportunity, a lot more would know how committed we are to energy security. Throughout the period, the IEF continued its dialogue and analysis work, as I said. This is precisely the time to discuss energy security and strengthen the dialogue. Meetings in person allow us to exchange assessments directly, examine concerns candidly, and build the understanding needed for practical cooperation.

[M184-16] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:39 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Your presence, as I said, reinforced the importance of the IEF. It also affirmed the Kingdom's role in bringing the global energy community together and sustained dialogue through difficult circumstances.

[M184-17] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:56 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

The Kingdom has demonstrated its ability to support reliable energy supplies. Under difficult conditions, we have backed our commitment with investment, preparation, and action. The East-West Fire Line is a clear example by connecting our Eastern Production Centre with the export facility at Yanbu in the Red Sea.

[M184-18] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:23 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

It provides an alternative route to the international market, and it's not going to be a state secret, but we are also working on different pipelines that hopefully you will see the commitments soon, to ensure that still we will continue our endeavour not to be circumvented to those who would like to see themselves as being not the perpetrator of security of supply, but the perpetrator of security of lack of supply.

[M184-19] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:13 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

And for that, we will never sit on our hands doing nothing. We shall, as a country, do everything and anything that would allow us to continue to be, again, the capital of Riyadh, the capital of energy security, so leave no doubt about it, that nobody is going to circumvent us and nothing will stand against our ambition, our endeavour.

[M184-20] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:50 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

The route has self-held sustainable supply when other routes have been constrained. Its value extends beyond the kingdom to the countries and consumers that depend on these supplies. This capability reflects decisions made with foresight many years ago.

[M184-21] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:13 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Those decisions recognised the importance of having alternatives well before today's circumstances made their value apparent. Infrastructure of this scale takes years to develop. The flexibility it provides must be built and maintained before it is needed.

[M184-22] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:32 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Maintaining the flexibility has a cost. The cost of being unprepared can be far greater for the global economy. Saudi Arabia has invested in the capability and put it at work. Others must also act to strengthen their security of energy system in which we all depend.

[M184-23] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:58 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

Dialogue and the lessons of 2008. Today, our focus is on the role of a dialogue in support of that security. The IEF has clear purpose and it brings producer, consumer and transit countries together to discuss their concern, understand their differences and identify practical areas of cooperation.

[M184-24] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:28 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

The purpose becomes especially important when markets are under pressure as you see. We have seen this before in 2008. Oil markets experienced extreme volatility, concern over supply and affordability were followed by a financial crisis, weakening demand and a sharp market reversal.

[M184-25] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:55 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

So do we go for the yoyo or do we go for sustainability? The concerns changed rapidly. Pressure on consumer and economic growth gave ways to uncertainty over investment and the capacity needed to meet future demand. Saudi Arabia conveyed the Jeddah energy meeting in June of that year and followed by the London energy meeting followed in December under very different market condition.

[M184-26] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:29 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

In June 2008 we held a meeting attended by at least 70 countries, all the oil companies in planet earth, all the executives were there at a CEO level and our discussion is what to do about high oil prices.

[M184-27] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:49 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

In December the same year we met for the purpose of doing a follow-up on what else we could do to bring market to stability, actually we started discussing the discussion with how come oil prices dropped like a stone and I remember vividly that day when oil prices were $35 coming from $140.

[M184-28] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:14:18 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

If this world and this world economy will operate with this notion being alive with this kind of volatility, I think we saw it happening that high oil prices along with other things happened did impact the world economy and brought that market to its knees, well equally too when you have situation like this you should expect that prices will go higher because after all it is the supply and lack of supply that will be the determinant and also the infrastructure including refining and pipeline.

[M184-29] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:05 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

The bottlenecks that we go through today is self-made because there are countries who abandoned their refining system and their transmission system and transportation systems, so you ask for it as the Toyota with old advertisement in the 70s, you ask for it, you got it, and because of that people need to pause and rethink how much of their ambition would be and where their energy security can best be met and delivered without being too facetious about the acrimony of net zero because if we focus on net zero we will be in a net zero scenario when it comes to energy security and that's the hard fact that people need to adhere to.

[M184-30] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:07 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

It is not advocacy about oil and gas as you can see us delivering all of the above and we believe that our energy security is served by doing all of the above solution from oil, gas, renewable, nuclear, even geothermal we are testing our capability to deliver it, and we are focusing on our refining system and ensuring that we can diversify when the opportunity is avail itself that we are willing to go into joint ventures and refineries like what we are doing in China, in the US, in Korea and elsewhere.

[M184-31] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:51 · Minister of Energy’s Speech at IEF17 · 2026-10-11 · مشاهدة عند هذا التوقيت

I know that I have a lengthy speech but I'd rather confine it to what I have said because I think you will be bored of listening to me. But trust me my friends, my 40 years tells me and gave me a lesson, never forfeit energy security because with that you will lose your economies. Thank you.