“We must draw the right lessons from the previous booms. We must have economic reform independent of oil revenues. This is required if the Kingdom has to meet the challenge of developing the energy sector,” Majid Al-Moneef, Saudi Arabia governor to OPEC, told the morning session of Jeddah Economic Forum 2007.

“Such a shift from the oil dependence to the energy sector will also lead to the participation and investment of the private sector,” he said speaking under the title “Changing the Global Energy Paradigm.”

Al-Moneef gave an overview of the global energy landscape with changing demand patterns, and the Kingdom’s challenges and opportunities. He also dealt with the role of national oil companies and changes in the energy market dynamics.

However, fossil fuels will remain the main source of supply of primary energy until at least the middle of the century. Oil in particular will continue to fuel socio-economic development of all regions of the world. The EU and OPEC consider that it is both realistic and beneficial to promote cleaner fossil fuel technologies. In particular, technologies that capture and store carbon dioxide, especially in geologic formations, are considered a vital means to reduce or limit net carbon dioxide emissions. They also provide a powerful illustration of actions that could result in dual benefits — reduce carbon dioxide emissions into the atmosphere while enhancing oil recovery. In addition, their application is compatible with current energy infrastructures and would not lead to costly and disruptive changes.