Arab Press

بالشعب و للشعب
Saturday, Jun 21, 2025

0:00
0:00

Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos

Saudi Foreign Minister Prince Faisal bin Farhan said on Tuesday at Davos 2023 that the current oil price stability in the market showed that Saudi Arabia was right to take its stance during last year’s disagreement with the US over the OPEC+ decision to reduce oil output targets.
He spoke of energy security: “Energy security is absolutely key. And here what we feel in the kingdom is that stability is absolutely the key to that energy security. So one of what we believe the successes of, for instance, OPEC+ has been it has been able to deliver a relatively stable oil price, one that is predictable by both consumers and producers.”

While renewable resources were becoming more established in the world, the Prince said: “In that interim period, we need to maintain a stable supply of traditional energies and one that is priced in a way that ensures that stability and that I think we have been able to do.”

He also highlighted the economic model of the Kingdom, highlighting that it is going to be this year’s fastest growing economy in the world.

The prince continued to list the Kingdom’s achievements such as the success of Vision 2030 in transitioning the economy in a significant way away from a dependance on hydrocarbons, on oil as a source of revenue for the government and as a proportion of the GDP.

He added: “That process continues to go on. We are activating all kinds of areas of the economy. Unemployment is significantly down, labor force participation up, especially for women.”

Iran
Prince Faisal touched upon the tensions with Iran. “When it comes to Iran, you know, we have reached out. We are trying to find a path to dialog with our neighbors in Iran because we believe very strongly that dialog is the best pathway to resolving differences.”

He continued: “And we feel quite strongly that what we are doing in the Kingdom and what others in the region, especially the GCC countries, are doing in addressing the challenges of their economy and investing in their countries in focusing on development rather than geopolitics, is a strong signal to Iran and others in the region that there is a pathway beyond the traditional arguments and the traditional disputes towards joint prosperity. And I think the more we can build a sense of cooperation in the region, the more we can work together, the more we can deliver not just prosperity for our people, but also for our immediate region and beyond.”

Saudi-US ties
Prince Faisal addressed the question about “speculations that there were some challenges in the relationship” between Saudi Arabia and the US.

“We have a strong partnership with the US and we continue to work through that partnership. That doesn't mean we don't always we that we it doesn't mean that we always agree. We sometimes disagree.”

He added: “We certainly disagreed on the issue of the oil market. In the end, we believe that I think our position was the correct one and it showed through what we see now. The oil price continues to be stable in and we have a responsibility to the broader oil market, to the broader economies of the world to make sure that we continue to provide that stability.”

The Prince said: “But we're going to have a robust dialog with our partners in the US We're going to continue to work through any issues. But overall, this relationship has delivered significant benefit not just for our two countries, but for our region.”
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
×