Ministerial Dialogue: Perspectives on Global Oil and Gas Markets

[M186-001] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:00:00 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

[Recording begins mid-sentence] … markets fundamentally changed? In this discussion, I'd like to look beyond the immediate crisis and focus on what it means for the longer term. Are we seeing a temporary disruption or a structural shift in how countries produce, trade and secure energy?

[M186-002] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:00:21 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Of course, there are difficult trade-offs. How much redundancy and spare capacity does the world actually need? How do we balance security of supply, affordability and sustainability? And ultimately, Your Highness and Your Excellencies, who ultimately pays for this?

[M186-003] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:00:37 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Is it just producers, consumers, or both? We have an esteemed panel here of leaders and ministers representing major oil and gas producing countries, along with the Secretary General of OPEC, and I would like to bring their perspectives to these questions. I'll start with you, if you allow me, Your Royal Highness.

[M186-004] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:01:00 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

You've navigated many crises – many crises before, but I'm going to just count the ones after you're at the helm of the Ministry: the Abqaiq–Khurais attacks in 2019, COVID, and now the recent events. Do you think the market will eventually return to normal, or has the meaning of "normal" definitely changed?

[M186-014] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:05:34 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Waiting to hear [more] from that. Minister Arkab, recent events have reinforced the importance of reliable energy supplies. We've seen disruptions, sanctions, attacks on energy infrastructure, but it seems like the oil market has adapted somehow.

[M186-015] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:06:01 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Are we moving to a more fragmented sort of market, with less predictable supply over the medium to long term?

[M186-016] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:06:13 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

[Speaks in Arabic: "Thank you very much. In the name of God, the Most Gracious, the Most Merciful."] [Interpretation:] Thank you. In the name of Allah, the Most Gracious, the Most Merciful. I will answer your question, but before I answer your question, I want to assure you of our solidarity with the Kingdom of Saudi Arabia, standing strong with our brothers in the Kingdom of Saudi Arabia.

[M186-017] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:06:38 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

I condemn those vicious attacks against the Kingdom of Saudi Arabia. So Algeria stands in solidarity with the Kingdom of Saudi Arabia, first and foremost.

[M186-018] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:06:50 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

And before that, in the name of Allah, the Most Gracious, the Most Merciful: I can assure you that Algeria is continuing to develop many accomplishments in energy, specifically with respect to energy infrastructure, by establishing a number of technology centres focusing on activities from the upstream to the downstream, and also very important transportation facilities, and refining – the refining is at its best.

[M186-019] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:07:36 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

But with respect to your question, I can assure you that a great number of different energy facilities in the world are moving towards increasing their production, and all our recent developments and recent activities will pour into enhancing the global market and giving our share to the global energy market, to ensure that we can strike that balance, which will also have its impact on our local markets with respect to the facilities that are being built now.

[M186-020] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:08:25 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

It is ongoing. We are going through a transformation. As part of the emerging economies, we are entering the global market, and the great needs of the global market have led to an increase in petroleum and gas demand.

[M186-021] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:08:55 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

And of course, this shall have a response from us very soon in this field. So Algeria, in light of its energy policies, is currently in different phases of preparation.

[M186-022] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:09:23 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Now we are preparing for the Bid Round 2026 [unclear] petroleum [unclear], and we will be able to reach the final bidding process – all towards increasing gas and petroleum production, as well as enhancing our national petroleum production capabilities, and also [meeting] the increased demand that we are witnessing in Europe, specifically with respect to natural gas.

[M186-023] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:10:04 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Thank you.

[M186-024] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:10:05 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

How do you in Nigeria look at the recent events, and does it really, in your opinion, change how producers and buyers think about energy security?

[M186-025] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:10:18 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Well, thank you very much. First of all, let me say that Nigeria is in solidarity with the Kingdom of Saudi Arabia over the recent attacks on Saudi Arabia. When the attacks [happened], some of us felt that, okay, we will not be able to come.

[M186-026] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:10:37 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

But the President of Nigeria directed that [we] go to Saudi Arabia, to show the world that we are [with] Saudi Arabia. And thank God we came; we've seen that Saudi Arabia is peaceful, safe, apart from the few attacks that happened around the airport.

[M186-027] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:10:59 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Let me say that the consensus from yesterday till today is that the world is going through [an] energy [crisis] because of what is going on here. It's everybody's problem – [unclear] in Saudi Arabia, [unclear] in New York, [unclear] in Nigeria.

[M186-028] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:11:18 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

And so all of us have to come together, you know, in forums like this, to be able to discuss pathways to ensuring that we address the issue of energy availability and affordability globally. In Nigeria, a few years ago, [we were] basically importing everything.

[M186-029] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:11:38 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

We exported crude; we imported 100% of the refined products. But today we are not importing – maybe we import 10% – but we export. We also sell our crude to the Dangote Refinery. They have capacity now to even supply Europe. We have some excess capacity in terms of jet fuel, and Dangote was even able to send some jet fuel to Europe.

[M186-030] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:12:05 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

So Nigeria, and indeed Africa, is ready to contribute its own quota to the global energy needs as a continent, and I believe that what we need is this kind of collaboration. We need investments in upstream, in midstream and also in downstream.

[M186-031] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:12:25 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

I'll come back to you in round two on how you can attract these investments, but I'll move to Mr. Secretary General. Despite the scale of the disruptions, oil prices have not reached what some have spoken about – $200. We haven't reached that.

[M186-032] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:12:46 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

What do you think has prevented that major spike in the last few months, despite what some have feared?

[M186-033] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:12:54 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Well, thank you first of all, Nasser – that's a very good question. Let me start also by reiterating, first of all, our condolences to the Kingdom of Saudi Arabia on the loss of innocent lives that has occurred here in the last few days. And thank you, Your Royal Highness, and your colleagues in the Ministry for bringing everybody together here despite the circumstances, and the organizers at the WPC for setting up such a fabulous stage.

[M186-034] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:13:27 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Well, Nasser, you know our policy: we don't talk about prices. But I think it's important to shed light for everybody and explain why the markets have been the way they are. And you asked earlier speakers about energy security.

[M186-035] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:13:46 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

I think – in this country here, the Kingdom of Saudi Arabia, we have the best example of providing an insurance policy for energy security, which is what His Highness mentioned earlier on in his remarks: the East-West Pipeline.

[M186-036] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:14:02 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

The East-West Pipeline has been there for many years, but nobody used to talk about it. Nobody mentioned it. People hardly knew that it existed, until crunch time came about and we saw how it became very handy and very useful. I think this is a classic example of countries preparing for future events – putting, as they say, an insurance policy in place.

[M186-037] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:14:28 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

We all put insurance policies on our cars because we think we may get into an accident. Here we are dealing with something much more delicate, much more important to global energy security, which is supplies of oil. And yes, oil and gas, but I think oil still is the predominant, or the dominant, share in the energy mix, at over 30% of global energy.

[M186-038] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:14:58 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

And I think this country, Saudi Arabia, has proven to be an example of how countries should prepare for future eventualities and how countries have put an insurance policy in place. I think the market has also adjusted in many other ways.

[M186-039] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:15:18 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

There is a reduction in Chinese oil imports as well, due to the stockpiling that had occurred earlier on; releases of SPR in many countries around the world, especially in OECD countries; a slowdown, I would say, in demand. At OPEC, we have revised our demand forecast for this year down from the beginning of the year, in tandem with the events and the unfolding of events.

[M186-040] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:15:42 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Three or four downgrades in the past few months.

[M186-041] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:15:44 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Correct. We are now seeing demand growth this year at 400,000 barrels a day, versus the beginning of the year, when we had it at 1.4 million barrels a day. However, this demand, to be fair, has been deferred to 2027, where we believe there will be pent-up demand next year.

[M186-042] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:16:05 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

We have it now at a level of 1.7 million barrels a day of growth for 2027. So all of those factors, and I think the importance of having the insurance policies – as we explained just now, for example, the case of the East-West Pipeline – have really helped control the market.

[M186-043] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:16:23 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

I put it in that way to answer your question, Nasser.

[M186-044] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:16:28 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Your Highness, let's talk about hydrocarbons and net zero, because the net-zero agenda seems to have become more pragmatic in the last couple of years. Do you think recent events can change that calculus? Will energy security nowadays reinforce long-term investments in hydrocarbons, or will it give more urgency to the decarbonization and net-zero agenda once again?

[M186-057] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:22:05 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

[Thank you] already, Your Highness. Minister Arkab, I want to talk about gas and Algeria satisfying European gas security. How much, realistically, can Algeria bring gas into Europe, and what are the main constraints?

[M186-058] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:22:26 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Is it production, is it investment/infrastructure, or maybe is it domestic demand inside Algeria?

[M186-059] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:22:37 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

[Speaks in Arabic; English interpretation follows] [Interpretation:] Because we are the main exporter of natural gas to Europe, my country, Algeria, started at the beginning with setting the laws that regulate the whole ecosystem in Algeria for fuel.

[M186-060] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:23:07 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

The Law of 2019 is a new, flexible law that sets the basic frameworks for fuel, and also for recruiting partners to invest in Algeria, because energy security starts with investment.

[M186-061] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:23:28 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

If there is no investment, then there will be a problem, because the infrastructure exists in Algeria and we are about to scale it up and expand it. Algeria, up till now, we are investing at a percentage of 47% of the minerals of Algeria.

[M186-062] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:23:52 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

There is still a lot of scope in Algeria for investment, especially in natural gas. So the first step was the law that allows flexibility and incentives for our partners. The other point is stability.

[M186-063] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:24:11 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

For every law, we have to provide a long-term vision for the investors in order for the investment to be successful. In this light, we have set different mechanisms in this law, especially through the governmental decisions that take into consideration development, and different mechanisms we put in place in Algeria in order to give a long-term vision to the investors.

[M186-064] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:24:50 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

As well as that, we have the gas pipeline across the desert that we are about to establish. At the stage we have reached now, we have completed all the studies, we have also set the feasibility studies, and we have started performing the Algerian part of this pipeline.

[M186-065] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:25:13 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

We are cooperating with Nigeria and Niger. In order to start the project, we have started the first phases in Niger. Later, after the completion of this project, we will have the first quantity of 20 million cubic metres of gas to Europe.

[M186-066] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:25:42 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

All of these accomplishments contribute to energy security in Algeria, as well as extending it to our partners in Europe. We are ready for the Bid Round 2026, to open more room for investment in Algeria in the field of gas, and also to accelerate production, which will be reflected in a worthwhile dimension for energy in Europe.

[M186-067] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:26:18 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Also, the programmes we have planned in Algeria to produce 3,200 [unit unclear] of solar panels – we started in 2024, and by 2026 we will [complete] all the [unclear] stations.

[M186-068] · متحدث آخر: H.E. Mohamed Arkab (Algeria) – via interpreter (other speaker — not the Minister) · التوقيت 00:26:45 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

This will allow us to save a lot of natural gas that we can provide for domestic and international markets.

[M186-069] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:27:01 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

What about investments in Nigeria? Given that it's a resource-rich country, what more is needed in terms of investments, and attracting those investments, in order to turn these resources into production, whether in oil or in gas?

[M186-070] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:27:20 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Yeah, thank you very much. You know, I think Nigeria hasn't gotten the kind of investments that we actually need compared to the reserves that we have. We had some issues in Nigeria, domestically, in terms of the legal framework, which was undergoing some amendments, [and] problems with our fiscal [regime], so that we were not globally competitive.

[M186-071] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:27:45 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

But since this government came in, in the last three years, we've been trying to fix those problems. Today, investors are coming, and we don't have enough investment compared to, like I said, the potential that exists there. But over the last few years, so much investment has also been made in the upstream since we came in three years ago. [Before]

[M186-072] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:28:10 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

President Tinubu's government came in three years ago, we had practically no new investments for over 10 years. But today we have investments coming from all the global big players in Nigeria – from ExxonMobil, from Chevron, from Shell, from all the big players.

[M186-073] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:28:30 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

And also, it will be interesting for you to know that even the local players, the independents – those Nigerian companies – are also investing heavily. Today, the independents, the Nigerian companies, account for over 60% of our local production in Nigeria. That is in the upstream.

[M186-074] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:28:49 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

In the midstream, the Dangote Refinery has a capacity of 650,000 [barrels per day] and is planning an expansion to 1.4 million barrels per day, to be able to satisfy the global needs for refined products. So investments are needed, because we have so much potential.

[M186-075] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:29:07 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

And because of our location in the Gulf of Guinea, supply is much easier than from most other locations. We've gotten the President to sign some executive orders in relation to our fiscal [regime]; contracting time is a breeze; bureaucracy is eliminated.

[M186-076] · متحدث آخر: Minister of Nigeria (other speaker — not the Minister) · التوقيت 00:29:28 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

So Nigeria is doing everything in order to be competitive with the rest of the world, so as to be able to attract investments – not just for the benefit of Nigeria, but for the benefit of the entire world, because energy demand globally is everybody's concern. Thank you.

[M186-077] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:29:45 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

We can actually see the resurgent interest from IOCs in Africa, really, in the past year or two, especially in offshore projects. I want to move to one of the bottlenecks, Mr. Al Ghais, which is in the downstream. It seems that the bottleneck in the past few months has moved from the upstream into the downstream.

[M186-078] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:30:09 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

The crude that is getting out doesn't find enough refining capacity to translate it into fuels – whether it's diesel, jet fuel, gasoline, you name it. Has the world underinvested in and forgotten about downstream in the last decade or so, especially in developed countries?

[M186-079] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:30:29 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

That's a brilliant question. Thank you, Nasser. I think the world has underinvested in oil in general – upstream, downstream, midstream. But referring to your question about downstream: definitely, and we see the results in diesel prices, jet fuel prices, what have you, around the world.

[M186-080] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:30:51 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

People now feel the pinch of something that we at OPEC have been warning about for many, many years. Many of you who follow OPEC reports and OPEC messaging have seen that we have been talking about the need to invest constantly in the oil and gas industry. In the oil industry, we've been talking about requirements for annual investments in upstream, midstream, downstream.

[M186-081] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:31:17 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

This year, our latest forecast points to requirements of up to 18 trillion US dollars from now to 2050. This equates to around 700 billion dollars a year. You heard His Excellency from Nigeria, His Excellency from Algeria, [and] earlier in the morning His Royal Highness, also talking about the continuous investments in the Kingdom in oil and gas.

[M186-082] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:31:40 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Refining – yes, there have been [closures] in North America, in Europe, predominantly in OECD countries, in Japan, in many places. And the growth in refining capacity, the additions, has been centred in China for many years, and now it's India, and of course the Middle East, where we have constant additions of refining capacity.

[M186-083] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:32:05 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

The key here is that people don't realize that you need to invest today to be able to produce five, six, seven years down the road, be it in the upstream industry or in the downstream. You cannot decide today, "Oh, I have a shortage today, I'm going to build a new refinery and it's going to produce immediately."

[M186-084] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:32:26 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

It doesn't work that way. That's why this is an industry which has a long lead time and requires a lot of planning, and we tend, unfortunately, to lose sight of the longer-term trends while just focusing on the shorter-term trends, or the shorter-term turmoil that may happen here or there.

[M186-085] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:32:44 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

For us, we see very clearly: the global population is rising by nearly 2 billion from now to 2050. Again, as you said, most of that is going to be in the developing world. Urbanization itself is going to add over 1.8 billion people to new cities all over the world from now to 2050.

[M186-086] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:33:06 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

The size of the global economy is going to double from what it is today – we consider 3% GDP growth every year. In addition to that, everybody is talking about AI like AI is the new religion – AI, data centres, what have you. All of that is going to require a lot more energy.

[M186-087] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:33:26 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

From now – just now, 2026 to 2030 – we have over half a billion people moving to new cities around the world. If I'm not mistaken, the population of Riyadh, since we're in Riyadh today, is 10 million, or just over 10 million – Your Royal Highness, correct me if I'm wrong.

[M186-088] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:33:43 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

That means we're talking about 50 cities the size of Riyadh from now to 2030. Fifty – five-zero. Let's just take a minute to think of what that entails. How many airports? How many cars? How many schools, hospitals, infrastructure, you name it?

[M186-089] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:34:02 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

And all of that is going to require refined products – turning it back to your question. And that's why we continue to invest, in OPEC Member Countries, in oil and gas, in infrastructure for oil and gas, in the insurance policies that we need to have in place, but also in other sources of energy, because we believe that the world is going to require about 23% more primary energy from now to 2050.

[M186-090] · متحدث آخر: H.E. Haitham Al Ghais (OPEC SG) (other speaker — not the Minister) · التوقيت 00:34:30 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

It's going to be all sources of energy. And the crunch we have today in diesel, jet fuel, gasoline is something that was going to happen. It was just a matter of time. It was foreseen; we were warning about it for many, many years. Thank you.

[M186-091] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:34:49 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Thank you, Mr. Secretary General. I move back to Your Royal Highness. The Saudi Arabian East-West Pipeline has demonstrated its value as an alternative export route. Saudi Arabia is considering diversifying those routes, maybe in new directions, not only increasing capacities – correct me if I'm wrong.

[M186-092] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:35:14 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

How do you weigh the strategic benefits against the cost? And who should pay? Is it just Saudi Arabia, for such increased investment in resilience, or should consumers as well shoulder some of the burden? It's their energy security at the end as well.

[M186-105] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:41:01 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

And we will await further announcements on these new pipelines and capacities and directions as well. Thank you, Your Highness.

[M186-107] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:41:25 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Mr. Amin Al Nasser, the CEO of Aramco, the President of Aramco, is of course here with us in the audience. Your Highness, we have two minutes left, and I would like to ask all Your Excellencies to remain with us. We have an interjection from France. Now joining us is the Minister for the Economy, Finance and Industrial, Energy and Digital Sovereignty, Roland Lescure, with a two-to-three-minute interjection.

[M186-108] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:41:56 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

So let's go straight to France.

[M186-109] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:42:00 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Royal Highness, Excellencies, dear Ministers, I am delighted to join the World Petroleum Congress, a unique platform bringing together the world's leading energy stakeholders for dialogue and cooperation. I would like to send a special message to my counterpart and friend, His Royal Highness Abdulaziz bin Salman Al Saud, and reaffirm the strength of our partnership and personal friendship.

[M186-110] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:42:21 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

I regret that I cannot join you in person today, because budgetary discussions are taking place in the French Parliament this week. I look forward to visiting you in the Kingdom very soon. Let me also commend the outstanding resilience of the Saudi energy sector, and more broadly the resilience of the Kingdom and its people over the last few months, weeks and days.

[M186-111] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:42:41 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Every disruption affecting infrastructure has been addressed very swiftly. In a highly uncertain situation, Saudi Arabia has demonstrated exceptional responsibility, constant adaptability and leadership. I can hardly think of a more fitting place or a more timely moment to hold this conference.

[M186-112] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:43:03 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Recent developments have put energy security and price volatility back at the top of the agenda – for policymakers, for businesses and for our citizens alike. This makes dialogue among all key stakeholders more important than ever. My main message today is very simple: we have a shared responsibility to make energy markets stable, to maintain open and reliable energy flows, and to ensure that energy remains affordable for our economies and for our citizens.

[M186-113] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:43:30 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

We hold the G7 Presidency, and France has been driving this agenda since the beginning of the year, with renewed momentum last week when it convened a G7 Leaders' meeting that delivered concrete progress in this direction. By coordinating the release of 100 million barrels through the IEA, we preserved the multilateral response and prevented damaging actions.

[M186-114] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:43:51 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

This couldn't have happened without the leadership of President Emmanuel Macron, and I would like to personally thank Chris Wright for his leadership in helping us land that deal. Saudi Arabia has a key role to play in this agenda. As a major energy producer and a key player in global oil markets, the Kingdom is essential to global energy security and to market stability.

[M186-115] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:44:12 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Besides crude oil, recent events highlight the huge need of European countries for secure and stable access to refined products such as diesel and jet fuel. France is working closely with the Kingdom to strengthen the protection of critical energy infrastructure, including, of course, in Yanbu. In recent weeks, we have stepped up our cooperation to secure energy supply routes and logistics.

[M186-116] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:44:34 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

This cooperation builds on the concrete initiatives launched during the Crown Prince's visit to Paris in late August. Our discussions laid the groundwork for closer cooperation on energy logistics. But we must look beyond the current times and build together the energy system of tomorrow. This means developing alternative trade routes to strengthen the resilience of our supply chains, building up storage capacity, and continuing to invest in clean, low-carbon technologies.

[M186-117] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:45:07 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

These go hand in hand: greater resilience and decarbonization go hand in hand. I believe we owe both to future generations. Let me give you a very concrete example of what we can do together, in the field of aviation fuel. The FuelEU and ReFuelEU regulations set mandatory targets for the incorporation of e-fuel into the aviation fuel mix.

[M186-118] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:45:26 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

E-fuel will rely on green hydrogen, for which Saudi Arabia is endowed with everything needed to be a major producer in the future. Dear colleagues, dear friends, Your Royal Highness, France is deeply grateful for your leadership and your continued efforts to strengthen global energy security.

[M186-119] · متحدث آخر: H.E. Roland Lescure (France) – video message (other speaker — not the Minister) · التوقيت 00:45:46 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

We stand ready to work with all of you gathered here today to strengthen our collective energy security and to build more resilient global energy markets. I wish you all fruitful and constructive discussions. Have a great day, and see you soon.

[M186-120] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:46:05 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Minister Roland Lescure from France, with a message that energy security is a shared responsibility. I would like to thank Your Excellencies for your perspectives. Thank you very much.

[M186-121] · متحدث آخر: Moderator (Nasser) (other speaker — not the Minister) · التوقيت 00:46:24 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Your Royal Highness, thank you once again for such a great event. And to our dear audience, thank you for your attention. Enjoy the rest of your day. Thank you.

[M186-122] · متحدث آخر: Host (MC) (other speaker — not the Minister) · التوقيت 00:46:41 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

Thank you, Your Royal Highness, and to our esteemed ministers, and Nasser, for that thoughtful discussion. Indeed, oil and gas markets are global in nature, but they are shaped by developments that can be highly local: infrastructure availability, production decisions, regional demand and geopolitical circumstances.

[M186-123] · متحدث آخر: Host (MC) (other speaker — not the Minister) · التوقيت 00:46:59 · Ministerial Dialogue: Perspectives on Global Oil and Gas Markets · 2026-10-12 · مشاهدة عند هذا التوقيت

[Recording ends]