Crown Prince Mohammed bin Salman of Saudi Arabia said on Saturday that more investment in fossil fuel and sustainable energy technologies was needed to meet global demand, and that unrealistic emission standards would lead to historic levels of inflation.
The prince stated that Saudi Arabia has announced plans to boost its production capacity to 13 million barrels per day by 2027, up from 12 million today, and that ‘after that, the Kingdom would not have any more capability to increase output.’
He was speaking at a U.S.-Arab summit in Jeddah, which was attended by President Joe Biden, who wants Saudi Arabia and its OPEC partners to pump more oil to help down gasoline prices and ease the greatest U.S. inflation in four decades.
‘Adopting unrealistic measures to decrease emissions by excluding major energy sources will result in extraordinary inflation and an increase in energy prices, rising unemployment, and a worsening of critical social and security challenges in the coming years,’ Prince Mohammed said.
The de facto ruler of the world’s biggest oil exporter stated that COVID-19 and the “geopolitical environment” demanded more collaborative measures to support the global economy, and that the shift to renewable energy sources demanded a ‘realistic and responsible’ approach.
Biden spoke with leaders from six Gulf Arab governments, as well as Egypt, Jordan, and Iraq, at the summit. On Friday, Biden met with Saudi leaders in Jeddah for bilateral talks.
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