Prince Turki Al-Faisal, Chairman of King Faisal Center for Research and Islamic Studies, has confirmed that the Kingdom of Saudi Arabia is the world's energy supplies safety valve, noting that his country was and would be a key source of energy supplies for long years and, moreover, that it would remain committed to provide assistance for developing energy alternative sources. In a speech at Oxford Symposium for Energy Studies 2010 at St. Catherine of the University of Oxford last night, Prince Turki Al-Faisal said the Kingdom of Saudi Arabia posses 25% of the world proven oil reserves and is currently producing 8 million bpd with a surplus productivity of some 4 million bpd, the equivalent of nearly 90% of the world production. He expressed belief that this surplus capacity was a result of huge investments worth billions of U.S. dollars spent by the government of the Kingdom over the last tens of years to improve the oil infrastructure, noting that it was a clear evidence of the Kingdom of Saudi Arabia's interest in world oil market long-term stability. He said, in the speech titled "Basic indexes for the Kingdom's energy policy over the coming decade" that demand for petroleum is surging, particularly from China and India, confirming that Saudi Arabia is ready to meet oil demands from any source. He pointed that the Kingdom is seeking to meet its domestic energy needs through other alternative energy sources, adding that it meets about 40% of its energy needs through natural gas and that the Kingdom is planning to increase that rate to relinquish its energy needs prior to exporting the surplus of natural gas in the years ahead. He said that his country is also seeking to benefit from other energy renewable sources, particularly solar energy, wind energy, and peaceful nuclear energy, noting that the project of providing a huge power network dependent on solar and wind-produced energy has received the approval of current French President Nicholas Sarkozy and former British Prime Minister Gordon Brown. Prince Turki Al-Faisal confirmed the Kingdom's recent announcement, launching King Abdullah City for Atomic and Renewable Energy. He told the symposium that the Kingdom has recently announced the building of solar-operated water desalination station in Al-Khafji city, noting that King Abdullah University for Science and Technology is taking part in conducting a study on the economic feasibility of using wind energy in the Kingdom of Saudi Arabia. The symposium was attended by Prince Mohammed bin Nawaf bin Abdulaziz, Saudi ambassador to the United Kingdom, a group of experts, specialists and those interested in the issue of energy and oil studies.
