RIYADH: Khalid Al-Falih, minister of energy, industry and mineral resources, has urged attendees of an economic forum in St. Petersburg, Russia, to invest in research and development of petrochemicals and renewable energy, the Saudi Press Agency (SPA) said.
The minister, who was addressing the 21st St. Petersburg International Economic Forum (SPIEF) on Friday, stressed the key role played by new technologies in speeding up the diversification of energy sources and minimizing the current risks on climate.
Al-Falih joined the session titled “Mechanisms of Global Economy — Hydrocarbon Energy: Will it become a Legacy of the Past or Basics of Development?”
Speakers focused on the importance of commitment to the recent oil production reduction agreement between OPEC and non-OPEC members for another nine months.
The Saudi minister said OPEC and non-OPEC members in the reduction agreement will study the possibility of increasing the reduction rates in their meeting in November.
He ruled out that the global peak on oil demand will occur before 2050.
He also said Saudi Aramco will invest in the production of gas and liquefied natural gas (LNG) at the global level.
The forum speakers also stressed that oil will remain a key energy source in the long term and that it should not be looked at as the sole pollution source. They also emphasized the need to adopt a comprehensive plan to deal with climate change.
Since its launch in 1997, the forum has become a leading global platform for representatives of the business community to meet and discuss the key economic issues facing Russia, emerging markets and the world as a whole.
Over 12,000 participants attended the St. Petersburg International Economic Forum 2016, from 133 countries.