such as renewables and natural gas. This is because price instability undermines the viability of energy policies - of both producers and consumers - that are aimed at increasing the share of renewables in the energy mix, and enhancing energy efficiency. As we saw back in 2008, high oil prices proved to be unsustainable, and the price fell sharply following the great financial crisis. But this works in the opposite direction. A prolonged period of low oil prices is also unsustainable, as it will induce large investment cuts and reduce the resilience of the oil industry, undermining the future security of supply and setting the scene for another sharp price rise. Just as the assertions, heard a few years ago - that the oil price would reach $200 a barrel - were proved wrong, so the recent assertion that the oil price has shifted to a new low structural equilibrium - will also turn out to have been wrong. As a responsible and reliable producer with long-term horizon, the Kingdom is committed to continue to invest in its oil and gas sector, despite the drop in the oil price. Concrete steps are also under way to reduce the energy intensity of the Kingdom's economic activity, through the implementation of energy efficiency schemes. Saudi Arabia has also taken steps to diversify its use of energy resources. These measures validate our belief in the strength of the long-term fundamentals of energy markets, and demonstrate the importance that Saudi Arabia attaches to maintaining its oil export capability and spare capacity. --More 12:08 LOCAL TIME 09:08 GMT تغريد
