Saudi Energy Minister Abdul Aziz bin Salman said while attending the 25th World Petroleum Council Energy Conference on the 12th that Saudi Arabia plans to increase the transportation capacity of the East-West oil pipeline to around 10 million barrels per day. Abdul Aziz said during a ministerial dialogue entitled “Global Oil and Gas Market Outlook” at the World Petroleum Conference that Saudi Arabia is considering upgrading pumping stations, pipelines and other related facilities to further enhance the transportation capacity of the East-West oil pipeline. He said that building alternative transportation routes in advance and preparing for supply disruptions is very important to ensure energy security. Organization of Petroleum Exporting Countries Secretary General Haytham Gaisce said that the east-west oil pipeline is of great importance to guarantee global energy supply. At the same time, he pointed out that insufficient investment in the oil and gas industry may threaten future energy supply. OPEC expects the global oil and gas industry to invest around $18 trillion by 2050. Abdul Aziz said that the current energy crisis has continued for a long time and has a wide range of effects, highlighting the fragility of the global energy supply chain. Responses should be more flexible and balance energy security, sustainability, price stability and affordability. He also said that Saudi Arabia has made progress in the fields of renewable energy and battery energy storage in recent years, and will continue to expand related production capacity in the future to meet new energy needs such as the development of artificial intelligence.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.