Saudi crown prince says unrealistic energy policies will lead to inflation

Covid, geopolitical situation necessitates more joint efforts to support global economy, said leader



By Reuters

Published: Sat 16 Jul 2022, 4:31 PM

Saudi Arabia's Crown Prince Mohammed bin Salman, addressing a US-Arab summit, said on Saturday that unified efforts were required to support the global economy and that unrealistic policies regarding energy sources would only lead to inflation.

"Adopting unrealistic policies to reduce emissions by excluding main sources of energy will lead in coming years to unprecedented inflation and an increase in energy prices and rising unemployment and a worsening of serious social and security problems," he said.

The leader of the world's top oil exporter said Covid-19 and the geopolitical situation necessitated more joint efforts to support the global economy and that environmental challenges required a "realistic and responsible" approach to gradually transition to sustainable energy sources.

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The summit gathered US President Joe Biden with leaders from six Gulf Arab states and Egypt, Jordan and Iraq. Biden held bilateral talks with Saudi leaders on Friday in Jeddah.

US officials have said Biden would discuss energy security with leaders of Gulf oil producers and hopes to see more action by OPEC+ to boost output, but there was unlikely to be any bilateral announcements from the talks.


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