Energy Minister: OPEC+  has mechanisms to deal with global oil market challenges

Energy Minister: OPEC+  has mechanisms to deal with global oil market challenges

Saudi Gazette report RIYADH — Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ has mechanisms that enable it to deal with the challenges of the oil market and enhance its continuing role in working to stabilize the global market.In an interview with the quarterly bulletin issued by the Saudi Association of Energy Economics (SAEE), he said that the need for fossil fuels, especially oil and gas, would continue for decades. “The competent authorities and expert houses indicate that there would be continued growth in demand for oil in the medium and long term, and that oil will remain one of the most important sources of energy in the world,” he said. In response to calls for reducing the use of fossil fuels, the minister highlighted the continued importance of oil in the growth of the global economy.Saudi Arabia aspires to be one of the largest producers and exporters of green and clean hydrogen, Prince Abdulaziz said while stressing Saudi Arabia’s ability to produce green hydrogen at competitive prices. “The largest green hydrogen production plant will be established in the city of NEOM with a production capacity of 250000 tons annually by 2026,” he said.Regarding the energy transition,