Saudi king affirms continuity of clean energy supplies at G20 summit

Saudi king Salman bin Abdulaziz affirmed the continuity of clean energy supply to the world, while calling for efforts to tackle climate change challenges.

"The kingdom shares with the countries of the world the concern about the challenges of climate change, as well as its economic and social impacts," he said in a virtual speech at the G20 summit that started on Oct. 30, according to a copy of his speech posted on state-owned Saudi Press Agency. "The kingdom will continue its pioneering role in providing the world with clean energy by supporting more innovation and development. We call for more sustainable and comprehensive solutions that take into account the different circumstances of our countries."

OPEC and its allies appear set to reaffirm plans to increase crude production by 400,000 b/d in December after an advisory committee that met on Oct. 28 saw no major changes in the market's supply/demand outlook

OPEC kingpin Saudi Arabia and the OPEC+ alliance are under pressure from consuming countries, including the US, India and Japan to further boost their production to tame a rally in oil prices at three-year highs.

OPEC+ ministers set to meet Nov. 4 are expected to rubberstamp previous plans to boost production by 400,000 b/d in December, in line with a July agreement. The group started in August ramping up production by 400,000 b/d per month that will add 2 million b/d by the end of December.

Blaming OPEC

OPEC+ producers are increasing oil production "very, very slowly," and sustained high prices threaten economic recovery across the world, the US State Department's top energy diplomat said Oct. 29.

Amos Hochstein, senior adviser for global energy security, said he hoped OPEC+ producers were listening to consumer nations' concern about high prices as they prepare to meet Nov. 4.

US President Joe Biden on Oct. 21 blamed the current high oil prices on OPEC withholding supply but ultimately dismissed the idea that he might try to persuade the producer group to pump more.

Saudi Arabia has rejected requests from key oil consuming countries for more supplies, with energy minister Prince Abdulaziz bin Salman saying Oct. 20 he saw no evidence of a crude shortage despite fears of a new surge in prices in the coming months.

Dated Brent prices have more than doubled in the last year, with S&P Global Platts assessing the benchmark at $83.63/b on Oct. 29.