Saudi Arabia responds to Trump’s call to lower oil prices at World Economic Forum

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Saudi Arabia and OPEC's goal is to maintain long-term market stability in order to meet increasing energy needs, including from the U.S. and the rising influence of artificial intelligence, said Saudi Minister Alibrahim.

Saudi Summit helped isolate Russia, set-up Ukraine's peace initiative for success, according to Podolyak.

He stressed the importance of having a reliable energy supply while also protecting energy security and using technology and cooperation to combat climate change.

It's also important to provide developing countries with fair access to the benefits of energy.

Alibrahim emphasized the significance of a proper approach to the energy transition, saying that energy supply and security are crucial for global growth and prosperity.

President Zelenskyy plans to travel to Saudi Arabia in order to rally international support for the upcoming Global Peace Summit.

He highlighted Saudi Arabia's Vision 2030 plan, which is transforming the economy with a focus on non-oil sectors. For the first time, non-oil activities make up 52% of GDP, indicating significant growth, with projections for 3.9% growth in 2024, 4.8% in 2025, and 6.2% in 2026.

The U.S. and Saudi Arabia have had an eight-decade-long-standing partnership.

Vision 2030 is planning investments 12 times the previously stated $600 billion, with President Trump planning to increase this to $1 trillion.

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The New Voice of Ukraine

Section: Business

Author: Альона Сонько