As he presided over a conference featuring Arab leaders and US President Joe Biden, the Crown Prince of Saudi Arabia, Mohammed bin Salman, issued a warning that “unrealistic plans” to reduce emissions could drive inflation.
In the coming years, Prince Mohammed said, “adopting unrealistic measures to cut emissions by eliminating important sources of energy will lead to extraordinary inflation, an increase in energy prices, increased unemployment, and a worsening of serious social and security problems.”
According to the de facto leader of the world’s largest oil exporter, COVID-19 and the “geopolitical scenario” call for further cooperation to boost the global economy, and the switch to sustainable energy sources necessitates a “realistic and responsible” approach.
He was speaking at a US-Arab summit in Jeddah, where US President Joe Biden was present. Biden wants Saudi Arabia and its OPEC partners to increase oil production to assist lower the high price of gasoline and lower the highest US inflation in four decades.
