RIYADH: Saudi Energy Minister Khalid Al-Falih on Monday said that the Kingdom was the world’s energy “shock absorber” and pledged to continue to offer a cushion to global supply interruptions.

But he also warned that it was time that this balancing role was respected and acknowledged by the international community.

His remarks come amid concerns among energy-importing nations about the recent rise in the oil price and increased pressure from the US for the Kingdom to boost production.

“We could have another unanticipated, unplanned disruption. We’ve seen Libya, we’ve seen Nigeria, we’ve seen Venezuela and we have sanctions on Iran. These supply disruptions need a shock absorber,” Al-Falih told the CERAWeek event by IHS Markit.

“The shock absorber has been, to a large part, Saudi Arabia. We have invested tens of billions of dollars to build the spare capacity which has been two to three million barrels over the years.

“It has been like a spinning reserve in an electricity system waiting to step in if there is a disruption. We’ve done it out of a sense of responsibility.”

He added that the Kingdom wanted to continue playing that role but also hoped that “the global community of nations will respect and acknowledge what Saudi Arabia has done.

“Once again, we in Saudi Arabia in particular delivered on our role as the world’s cushion against market shocks and today I want to assure our Indian partners and petroleum consumers around the world that we want to continue to support the growth of the global economy,” he said.

In a wide-ranging address, Al-Falih also acknowledged India’s increasingly important status as an energy-consuming nation.With a population that is increasing by some 15 million people per year, India has become a key market for Saudi Arabia and other regional oil exporters.

“India is the world’s fastest- growing energy and oil consuming nation. This trend is playing an important role for driving future demand for oil and gas for decades to come,” he said.

“There can be little doubt that India’s rise as an economic superpower will be accompanied by massive energy demand growth.”

Copyright: Arab News © 2018 All rights reserved. Provided by SyndiGate Media Inc. ( www.Syndigate.info ).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.