Exclusive | Riyadh focusing on future of oil rather than 'spot price', says Saudi Industry Minister Alkhorayef

Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum inDavos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country. The minister also said that the relationship between the two nations was “great” and one which Saudi “will continue to grow”.

In conversation with WION’s Business Editor Sumit Chaturvedi, the Saudi minister said that his nation was “open for business like never before”. Opening up about Riyadh’s presence at the WEF summit, he said that Saudi’s government is investor centric, and the meeting is a key venue to talk to investors and discuss the different initiatives his country offers.

Watch |Davos 2023: WION speaks to Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef

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Responding to a question about Riyadh’s push to non-oil business, like manufacturing, travel and tourism, Alkhorayef said that the nation's Vision 2030’ framework is “all about diversifying our economy,” to which “both industry and mining are great contributors”.

“In Saudi Arabia, we bet on technology to leapfrog the industrial sector much faster than anybody else, but also to create the jobs of the future for our people. We are working also to make Saudi Arabia an important hub for logistics, to be a serious player in securing the supply chain for the global community,” he added.

Saudi Arabia is one of the biggest players in the oil market globally. Recent days have seen the global economies face a battering at the hands of inflation; rising costs of oil and crude have furtherbeen exacerbated due to the ongoing conflict in Ukraine.

Responding to a question about the kind of oil prices his country favours, the Saudi Industry Minister said that in his opinion the Ministry of Energy in "a very practical way", was looking at "fair pricing between supply and demand to ensure that the markets also get the quantities."

He further added that Saudi’s focus is on ensuring "the future of the commodity rather than the spot price."

In October of last year, Riyadh along with other OPEC+ nationsdecidedn to cut oil production. The decision was vehemently protested by the United States, with the nation’s President Joe Biden as per reports going as far as delaying military aid to Saudi.

The World Economic Forum’s annual meeting, which kicked off on January 16, will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit.

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