Saudi Arabia expresses concerns over future energy security

- Saudi Arabia expresses concerns over future energy security.

- Calls for a global oil supply cut pact ahead of an OPEC meeting later this month.

- Saudi is already making plans to diversify its oil based economy.
Saudi Arabia has expressed concerns over future energy security, especially in Asia, because of strong demand growth.

This message was conveyed by the Energy Minister Khalid
al-Falih who reiterated his country’s support for a global oil supply cut pact ahead of an OPEC meeting later this month.

“I am concerned about future energy security – especially in Asia, where demand is rising much faster than the industrialized economies. Without the higher investment levels... energy security may be fatally compromised,” Falih said in a speech in Bangkok.

Falih said the oil market’s supply and demand balances continued to tighten and global oil inventories are falling, while compliance with the OPEC-led pact to curb supplies has been “excellent”.

This expression of concern comes at a time when Saudi Arabia is taking drastic efforts to diversify its economy. Within the past month, the country has lifted a ban on women driving while also indicating that women may be allowed to enter sports centres to watch sporting events.

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