Sign up now for FREE unlimited access to Reuters.com Register JEDDAH, Saudi Arabia, July 16 (Reuters) – Saudi Crown Prince Mohammed bin Salman said on Saturday more investment in fossil fuel and clean energy technologies was needed to meet global demand and that unrealistic emissions policies would lead to unprecedented inflation levels. The prince said that Saudi Arabia had announced that it would increase its production capacity to 13 million barrels per day by 2027 from 12 million now and “after that the Kingdom will have no other possibility to increase production”. He was speaking at a US-Arab summit in Jeddah attended by President Joe Biden, who is eager to see Saudi Arabia and its OPEC partners pump more oil to reduce high gasoline costs and moderate higher U.S. inflation for four decades. Sign up now for FREE unlimited access to Reuters.com Register “The adoption of unrealistic policies to reduce emissions by blocking the main sources of energy will lead in the coming years to unprecedented inflation and increase in energy prices and increase unemployment and aggravation of serious social and security problems,” said the prince Mohammed. The de facto ruler of the world’s top oil exporter said that COVID-19 and the “geopolitical situation” required more joint efforts to support the global economy and that the transition to sustainable energy sources required a “realistic and responsible” approach. The summit brought together Biden with leaders from six Gulf Arab states and Egypt, Jordan and Iraq. Biden held bilateral talks with Saudi leaders on Friday in Jeddah. US officials said Biden would discuss energy security with the leaders of Gulf oil producers and hoped to see more action from OPEC+ to boost production, but there were unlikely to be any bilateral announcements from the talks. Sign up now for FREE unlimited access to Reuters.com Register Reporting by Ghaida Ghantous and Maha El Dahan Editing by Mark Potter and Clelia Oziel Our Standards: The Thomson Reuters Trust Principles.
