Kingdom Energy Saving Principles
The Kingdom of Saudi Arabia is responsible for stabilizing the world oil markets. It plays this role for decades, because it is consistent with principles and values declared and committed by the Kingdom to the world in securing energy for all humanity in order to enhance global growth and prosperity and everlasting peace and stability for nations.
The Kingdom's concern for the stability of the oil markets in the midst of the US sanctions imposed on Iran's oil prompted it to closely monitor the recent developments that resulted in the sudden rise in oil prices.
Through an expert's view, the Kingdom reassured the world that this rise is unjustifiable in the light of current market balances which remain good, and in light of the high level of commitment by the OPEC Plus oil member producers.
While the Kingdom fully supports the sanctions imposed on Tehran, as an important step to break Iran's intransigence which threatens the stability of the region and the world, it is at the same time anxious to reassure the world that there is no need to worry about the energy supplies, with the Iranian oil exports reaching zero.
This keenness has not arisen due to the current tense Iranian-US relations, but it the principle of the Kingdom which sees that global stability and growth as an integral part of the stability of the Kingdom and the Middle East.
Since the advent of oil in commercial quantities in the Arabian Peninsula, the Kingdom has been working to secure it at the lowest possible prices to preserve the interests of the consumer and producer.
This actually explains the Saudi efforts to keep a spare production capacity not less than two million barrels per day, to meet any emergency oil supply cuts.
Logically, it is in the interest of the Kingdom that oil prices rise and reach the highest possible level.
This is not difficult for Riyadh if it wants to, but this has never been the Kingdom's principle, as its supreme goal is seeking the world's energy-related stability. This is evidenced by the Kingdom's investment of its excellent ties with Russia, which is an important oil producer and a non-member at the OPEC.
The Kingdom has succeeded in persuading Russia to reduce its production, to curb the decline in the oil prices. Today, the Kingdom is able to adapt relations with Russia and other countries of the world, in line with the requirements of the global markets and political and economic events.
This conveys a new message to the world that global energy supplies are fully secure, thanks to the principles and values that the Kingdom believes in.