Minister of Energy Inaugurates 11th IEA-IEF-OPEC Symposium

Minister of Energy Inaugurates 11th IEA-IEF-OPEC Symposium

Riyadh, February 17, 2021, SPA -- Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, affirmed that the historic production adjustments that OPEC and Non-OPEC producers have implemented, were followed by the wider support forged at the extraordinary G20 Energy Ministers Meeting led by the G20 Presidency of Saudi Arabia in April last year. These have cushioned the shocks from COVID-19, enhancing energy security and market stability.

In a speech delivered today during the inauguration of the 11th IEA-IEF-OPEC Symposium, Prince Abdulaziz said that "We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious, realizing that collective action is the best way to tackle the challenges ahead."

"Long term models are very useful to represent a complex world and gain insightful analysis, helping the planning process in a more informed and objective manner. However, we also need to recognize the limitations of the models, and understand that today's projections will turn out to be wrong. Models are highly sensitive to underlying assumptions and are unable to take account