RIYADH: Saudi Arabia intends to remain the anchor of world energy security and will not be deterred from its long-term strategy, a leading government official said on Monday.
Saudi Energy Minister Prince Abdulaziz bin Salman made the comments at the opening of the 25th WPC Energy Congress, which is being hosted in the Kingdom for the first time.
The event runs from Oct. 11-15 at the Riyadh Front Exhibition & Conference Center, and was formally opened by Prince Abdulaziz alongside WPC Energy President Pedro Miras.
Confidence amid uncertainty
Prince Abdulaziz began his address with a pointed statement of resolve, as energy producers and consumers navigate a volatile market and shifting global demand.
"The word fear in the Saudi dictionary does not exist," he said. "We, as Saudis, are fearless, competent and determined people, and we shall prove to the world that whatever we're going through, we will overcome it."
Addressing ministers, CEOs and and senior industry figures at the opening ceremony, the minister added: "Riyadh is the capital of energy security, and your presence here today proves that."
Prince Abdulaziz stressed that the Kingdom's energy policy is driven by a long-term horizon rather than short-term pressures. "Our eyes are focused on what would deliver us into the future — the future of our sons and daughters and their sons and daughters," he said.
He said Saudi Arabia would "never forfeit any chance" to uphold its commitments and its national vision, adding that the Kingdom's ability to pursue two objectives at once was challenging but essential.
A transformation without precedent
In one of the most striking moments of the speech, Prince Abdulaziz challenged the industry experts in the room to name a comparable national transformation.
"I really want to challenge the historians to show me one country on planet Earth that underwent this transformation in such a short period," he said. "I reckon there is none but Saudi Arabia."
He said the Kingdom had weathered many challenges and held a firm conviction that it alone would shape its path. "We are the ones who determine our future, and we will never let it go from our hands," he said.
Demand will keep growing
WPC Energy's Miras said the gathering had placed Riyadh "at the center of the global energy conversation," and praised the Kingdom's role in the sector.
"Saudi Arabia has long played a pivotal role in the global energy system and continues to drive investment, innovation and technological progress across the sector," he said.
Miras warned that debate over the energy transition must not obscure the fundamentals of the market. With the world's population expected to approach 10 billion by mid-century, he said global energy demand would continue to rise, driven by economic development, urbanization and rising living standards.
"Despite decades of innovation and remarkable growth of new technologies, oil and gas continue to provide a substantial share of the world's energy," he said. "This does not diminish the importance of emerging energy sources. Rather, it highlights the scale of the challenges ahead. The world will need more energy from multiple sources."
He called on the industry to move beyond the traditional trade-off between security, affordability and sustainability, adding economic development as a fourth priority.
"We cannot sacrifice energy security, affordability or sustainability, nor can we overlook economic development and human progress," Miras said. "None is optional. None can be left behind."
He said the congress theme, "Pathways to an Energy Future for All," reflected the reality that countries were at different stages of development, with different resources and priorities.
"Diversity is not a weakness. It is a strength," he said. "Every energy source and every technology capable of contributing to a secure, affordable and sustainable future should have an opportunity to play its part."
Riyadh Energy Week
The congress sits at the centre of Riyadh Energy Week, which also features an International Energy Forum ministerial meeting, alongside Clean Energy Ministerial and Mission Innovation events.
The scale of this year's edition underlines the Kingdom's growing weight in global energy diplomacy.
The previous congress in Calgary drew more than 10,000 participants from 111 countries, while Riyadh expects more than 25,000 attendees.
The Saudi Ministry of Energy has said more than 100 ministers and nearly 500 CEOs from 80 countries are expected.
Industry leaders on the programme include Aramco President and CEO Amin Nasser and energy historian Daniel Yergin.
Occidental's Vicki Hollub, TotalEnergies' Patrick Pouyanne, Shell's Wael Sawan and ExxonMobil's Darren Woods are also among the expected participants.