Frances And Saudi Arabia Find Common Ground of Energy In Paris Talks
France– A new country has emerged as the saviour for Europe that is looming under severe energy shortage. The main culprit is the ongoing Ukraine-Russian war which has choked the supply chain for many important commodities across the world.
Natural gas supply is one of them. The discussions in Paris are significant between Paris and the Saudi Arabia, as both countries try to find ways to help each other in times of crises. The crisis is more on the French side though, and Saudi Arabia is moving in strategically to diversify its economy.
As the first trip after Covid-19, Crown Prince Mohammad Bin Salman, has made trips extensively to countries of importance in Europe. France is one of them. He has also met the Greek counterpart and they inked quite a lot of important agreements that circled around energy.
The kingdom also expects to increase its domestic investment to about 1.7 trillion riyals by 2030 under the new strategy. Saudi Arabia, Opec’s top oil exporter, is focused on diversifying the economy under its Vision 2030 programme, which aims to cut its dependence on hydrocarbons and develop local industries and manufacturing capabilities.
In the meeting, it has been reported, France has shown willingness to brainstorm with the Kingdom over ways to mitigate the shortage and that also, for a long time to come. Preparing for the post-oil period, on June 2 the informal alliance of OPEC and non-OPEC oil-producing countries, sometimes referred to as OPEC+, agreed to increase production by 216,000 barrels per day in addition to the 432,000 bpd set in previous months.
On its part, Europe and France can play a huge role in helping buffering the impact of the Iranian Nuclear deal falling apart. American doesn’t come in this equation unless it can mitigate a solution with Iran.