Saudi Finance Minister Mohammed Al-Jadaan said that developments related to Venezuela and relations with the United States will not have a serious or rapid impact on global oil markets, stressing that any potential increase in production would require time and significant investment.

Al-Jadaan made the remarks during a panel discussion at the World Economic Forum in Davos titled Global Economic Outlook, with the participation of Kristalina Georgieva, Managing Director of the International Monetary Fund, and Christine Lagarde, President of the European Central Bank.

Al-Jadaan stressed that the real challenge is not limited to Venezuela but lies in achieving a delicate balance between energy demand and supply at price levels that encourage investment in the oil sector without harming the global economy.

He noted that sharp declines in oil prices are often followed by steep increases that negatively affect the global economy, arguing that the role of OPEC+ centers on stabilizing the market and curbing extreme volatility.

In a broader context, Al-Jadaan said that talk of a “new global order” is not new for many countries, particularly in our region, which has experienced similar transformations for decades. This, he said, has required building resilience and focusing on what can be controlled, citing the experiences of countries that have successfully diversified their economies such as Singapore, South Korea, and China.

On the meaning of international relations and loyalties, and whether they are genuine concepts or merely expressions whose forms change over time, Al-Jadaan said that the struggle for influence is “a reality inherent to human history since the dawn of civilization,” stressing that this fact has never been hidden, but has taken different forms across eras.

He explained that the development of civilizations came with the entrenchment of values such as rationality, empathy, and collective action, even among major powers. He pointed out that the participation of nearly 3,000 global leaders and officials in this forum, despite harsh weather conditions, sends a clear message that even the most powerful countries are no longer able to address major challenges on their own, regardless of their influence.

Al-Jadaan added that the current phase requires strengthening dialogue and international cooperation, as well as active engagement in multilateral forums. He noted that institutions such as the World Bank and the International Monetary Fund are now witnessing a strong return to their roles, despite the noise and criticism they faced in the past.

He concluded by saying that the state of uncertainty facing the world reinforces the need for these international institutions, as essential platforms for providing support and stability amid rapid global transformations.