Comments
Oil prices would have been back to triple digits if Saudi Arabia hadn’t taken steps to balance the oil market said Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia.
Speaking at the India Energy Forum by CERAWeek, Falih also said that claims that the oil will soon be phased out as the dominant source of energy for transport are misguided.
“The narrative that electric vehicle and solar will take over the market is wrong. This is creating serious risks for the global energy market,” he said.
“EVs and renewables will make market penetration but at a slower pace,” Falih added.
Falih was also speaking after meeting Prime Minister Narendra Modi. He said, “I met Prime Minister Modi today and assured him of meeting India’s oil demand and to invest here. Will continue to talk to consumers for our energy policy, address India’s energy needs and expand bilateral relations.”
Falih said that Saudi is interested in crude oil storage. He also said that the Kingdom is expanding its economy beyond oil and gas.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.