Saudi crown prince says world faces energy crisis with uncertain outcomes

Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud said Wednesday that the world faces "an energy crisis with uncertain outcomes," reported Xinhua.

In his annual royal address inaugurating the third year of the Shura Council's ninth session on behalf of King Salman bin Abdulaziz Al Saud, the crown prince noted that Saudi Arabia has helped safeguard global energy security by maintaining oil supplies to international markets despite regional escalation, the Saudi Press Agency reported.

He said the kingdom had also taken the initiative to establish the Multinational Maritime Defense Alliance to enhance maritime security, protect shared interests in international sea lanes, and prevent the use of those lanes as tools of political or economic pressure.

Saudi Arabia, the crown prince added, is working with partners to strengthen international cooperation, reduce escalation, and defuse tensions in pursuit of regional and international stability.

He called on the international community to swiftly fulfill its responsibilities to ensure the safe flow of essential goods and humanitarian assistance.

On Gulf security, the crown prince said attacks targeting Gulf Cooperation Council (GCC) states showed that Gulf security and stability are indivisible, stressing the importance of collective action, strategic cooperation, and economic integration among GCC states.

He also reaffirmed Saudi Arabia's support for the Yemeni government through the coalition to restore legitimacy in Yemen, aiming to extend its authority nationwide, restore stability, and confront Houthi attacks.

On Sudan, the crown prince reiterated the kingdom's support for the country's unity and stability, the preservation of its legitimate institutions, and efforts to spare its people further war and destruction.

On the domestic front, he said that after 10 years of Saudi Vision 2030, performance indicators for its programs and strategies had achieved 93 percent of their targets.

Non-oil exports grew 155 percent compared with 2016, while the private sector's contribution to the economy rose to 51 percent, the crown prince noted.

He added that the transport and logistics sector had shown resilience in responding to supply-chain disruptions while maintaining the smooth flow of goods and services.

The crown prince also said the Public Investment Fund, the Saudi sovereign wealth fund, had begun implementing its strategy for the next five years, focusing on building competitive domestic economic ecosystems, strengthening partnerships with the private sector, and increasing local content to support economic transformation and sustainable financial returns.