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Saudi Arabia Announced Negotiations With The United States On The Oil Market

20.10.2021


Saudi Arabia Announced Negotiations With The United States On The Oil Market

Energy Minister Abdel Aziz bin Salman noted that the policy of the OPEC + countries is based on an analysis of the oil market, which shows that oil reserves will begin to grow in December, and the first quarter of 2022 will be marked by an oversupply.

According to Crown Prince Mohammed bin Salman, Arabia is planning to reduce greenhouse gas emissions in its territory to zero by 2060. Saudi oil giant Aramco said it intends to achieve zero emissions by 2050. Mohammed bin Salman along with Energy Minister Abdulaziz bin Salman pledged that Saudi Arabia will fight climate change. At the same time, they promised to ensure stability in the world oil market.

The Crown Prince noted that the approaches of different governments to reduce emissions are different, and Saudi Arabia will continue to invest in oil and gas production. During the conference, he stressed that Saudi Arabia and other countries will have to produce oil for decades. As Bloomberg noted, the US and European countries have been putting pressure on the country to accelerate efforts to cut emissions and increase investment in renewable energy. As a result, Saudi Arabia promised to reduce greenhouse gas emissions in the country to zero by 2060.



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