Deputy Prime Minister, Minister of Oil and Minister of State for Economic Affairs and Investment Dr. Saad Al-Barrak revealed Kuwait will invest more than $300 billion in energy in the long term until 2040.
Al-Barrak said, in a statement to Kuwait TV and KUNA on the sidelines of the eighth international symposium of the Organization of Petroleum Exporting Countries (OPEC), which was held in Vienna over two days, that “the world needs today 500 billion dollars annually to invest in the field of energy, while it invested only 300 billion dollars in 2022,” reports Al-Rai daily.
This means there is a gap estimated at more than 40 percent, which creates difficulties in the global energy market. He called for a further increase in the volume of investment in the energy market to protect it from price fluctuations and achieve stability in the global economy.
He pointed to the importance of the role played by Kuwait, the founding member of OPEC, in the field of energy since the founding of the organization on September 14, 1960, and its contribution to strengthening the stability of global oil markets. He noted that Kuwait made many sacrifices in order to control and determine production levels according to market needs, and prevent price fluctuations.
In statements to the Emirates News Agency, WAM, Al-Barrak affirmed Kuwait’s readiness to cooperate with the brothers in the UAE for the success of its hosting of the Conference of the Parties (COP 28), which is the most important climate and environmental event hosted by the region.
He stressed Kuwait’s commitment to achieving zero carbon emissions by 2050, noting that it aims to invest in alternative and environmentally friendly energy, in order to enhance its position as a global energy center.
On the other hand, the official Iranian news agency “IRNA” reported that Iranian Energy Minister Javad Oji met his Saudi counterpart, Prince Abdulaziz bin Salman, on the sidelines of the “OPEC” conference in Vienna, noting that the two sides discussed bilateral issues between the two countries, including investment in the oil sector and exploring the possibility of joint investment in oil and gas.
The agency stated that “the topics of discussion also included issues such as hydrocarbon trade and the development of common areas.”
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