MUSCAT: In an interview with CNBC, Salim Al Aufi, Minister of Energy and Minerals, stated that energy needs to be affordable as it is the first pillar of energy supply when the energy transition is concerned.

He also defended the OPEC+ decision to reduce the headline target oil production by 2 million barrels per day (bpd) as of this month, saying that the group is proactive in trying to balance the market. He also pointed out that he wasn’t surprised by the U.S. blowback after the OPEC+ decision was announced.

Referring to the energy transition and renewables, Oman, like many Middle Eastern oil and gas producers, believes that all forms of energy will be needed to meet the world’s growing energy demand in the coming years and decades.

Back in September, Saudi Aramco’s chief executive Amin Nasser said that years of underinvestment, a lack of a backup plan, and alternatives not ready to step up and replace conventional energy are the real causes of this state of energy insecurity today. In a speech delivered at the Schlumberger Digital Forum 2022 in Switzerland, he had talked about a credible energy transition plan, which has to recognize that “supplies of ample and affordable conventional energy are still required over the long-term.”

He had reiterated the long-held view of Saudi Arabia that the world will need oil and gas for the foreseeable future and will need more investment in the industry just to keep supply steady amid declining output from maturing wells, and even more investment to boost production capacity to meet the world’s energy needs.