Saudi Arabia is Committed to Petroleum Availability in Global

"My friends, such multilateral cooperation must also overcome
persistent challenges to energy security.


One such energy-market challenge is artificial fear, with pessimism
about oil supplies and production capacity, unfounded by scientific
or economic basis, fostering a perception of scarcity; this very
negativity contributed to the oil-price spike. Whether the doubt is
rooted in misperceptions of supply adequacy, geographic origin or
environmental footprint, I believe such negativity is both
unwarranted and harmful.

Energy independence, whatever its motivation, is much easier said
than done; the very interdependent nature of our global economy, as
observed in this recession, means that no nation can hope for full
energy self-sufficiency.


I believe that such misperception must be addressed through the
understanding that all viable resources will have a role in the
future energy mix, but that fossil fuels inescapably and rightly have
a part in that mix. Indeed, fossil fuels will continue to meet some
80 percent of the world’s energy needs for the foreseeable future.
Petroleum is a proven, reliable, affordable and safe energy source
whose accessibility and sustainability continually increase, thanks
to the industry’s emphasis on research and development, and its
greater focus on energy efficiency and conservation. Oil will remain
indispensable to global energy demand throughout the first half of
this century, if not far beyond.


Ladies and gentlemen, for some observers, the energy pessimism to
which I allude is tied to a great optimism that alternative energies
can handily circumvent oil’s leading role. While we expect
alternative fuels to grow, their economic and social competitiveness
will hinge on their passing financial, technical, social and other
tests, and on the development of their infrastructures and markets.
Until that time, they will supplement fossil fuels, not supplant
them.


Given the importance of oil to the functioning of modern society,
its role in economic growth and recovery, and future demand that is
expected to double the call on fossil fuels, including oil, by 2050,
it is vital that producers and consumers alike commit to
strengthening global energy trade, investment and cooperation to
enhance the flow from production to consumption.


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