Riyadh "Riyadh Daily"
Absolute Confidence

The Kingdom has proved its place as the first and most important and reliable energy supplier in the world, and that it is able to meet the needs of oil-consuming countries despite any emergency circumstances, overcoming all challenges and obstacles in its way in this regard.

This has been fulfilled thanks to the host of principles and values that the Kingdom is committed to since the emergence of oil in the Arabian Peninsula in commercial quantities in the 1930s. These principles are topped by providing energy for all at reasonable and satisfactory prices for both producers and consumers.

Perhaps the attack on Saudi Aramco oil facilities in Abqaiq and Khurais on September 14th and the subsequent tremendous efforts exerted by the State's institutions to restore the productive capacities confirm that the Kingdom is a source of safety and reassurance to the consuming and producing countries. 

The Kingdom was not pleased with the rising in oil prices by 14% in the aftermath of the attack. It did not take advantage of it in its favor for making financial gains, even temporarily.

On the contrary, it dealt with the crisis responsibly and wisely, in a way that resulted in the recovery of production capacity to what it was before the attack in 72 hours, maintaining its reputation and standing as a safe source of oil in the world.

The Kingdom's handling of this crisis drew the attention of the countries around the world, which sensed the effects of "energy security" after the Kingdom came to the forefront of the scene. 

These countries found that Saudi Arabia is able to provide energy to those who want it in professional ways in line with the global financial ethics. This was confirmed by Philip Verleger, an economist who has been writing about the energy markets for 40 years. 

He asserted that the Kingdom has succeeded in meeting customer demands and that the quantities of oil that were supposed to go to Saudi refineries have been redirected to consumers, and as a result, fears dissipated, risk allowances went down instead of rising, and prices fell after their frenzy rising at the beginning of the first crisis.

During the 72 hours following the attack on Aramco's facilities, the Kingdom and its institutions could take over responsibility as appropriate as they took the difficult challenge.

Although the Kingdom lost about 50% of its oil production after the attack, it overcame the hardships and recovered what it lost within hours, motivated by its keenness to maintain its reputation as a reliable, secure and independent supplier of oil in the world.


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