Open markets are vital to building stronger, more resilient global energy systems. This was the central message from H.E. Eng. Salim Bin Nasser Al Aufi, Minister of Energy and Minerals, Oman, in his keynote address at SIEW Summit. He stressed the importance of keeping energy trade flowing despite geopolitical tensions.
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Keeping global energy trade open
H.E. Eng. Al Aufi highlighted how geopolitical disruptions and protectionist policies have contributed to uncertainty in global energy markets. He cited disruptions to trade through the Strait of Hormuz, which he noted had increased costs for producers and consumers.
He stressed that energy security has long relied on trusted international partnerships. Open trade helps keep energy and goods moving across borders, supporting more resilient supply chains. It also supports industrial development and the exchange of technology and expertise.
Oman's experience illustrates the importance of international market access. As the country produces more energy than it consumes, overseas markets are vital to its energy sector. This makes continued cooperation with international energy companies particularly important for Oman, as H.E. Eng. Al Aufi emphasised.
Building on Oman's energy capabilities
Oman's energy sector draws on its established oil and gas industry, abundant solar and wind resources, and ports connecting it to international markets. H.E. Eng. Al Aufi emphasised that having these capabilities in one location was an advantage for the country.
He acknowledged that other countries possess similar strengths in these areas. He described Oman's investment and regulatory framework as stable and trusted, reinforcing the country's openness to international partnerships.
Alongside these established capabilities, Oman is also expanding its renewable energy and storage capacity as part of efforts to strengthen domestic supply reliability. According to H.E. Eng. Al Aufi, renewables currently account for approximately 11 to 12 percent of the country's total energy generation.
Linking domestic strengths with global markets
For H.E. Eng. Al Aufi, strengthening domestic energy supply and maintaining access to global markets go hand in hand. His address underscored how domestic investment and international trade can work together to support energy security.
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