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Marking the first visit by a Saudi energy minister to the International Energy Agency, H.E. Khalid A. Al-Falih, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources met with the Agency’s Executive Director, Dr Fatih Birol, at the IEA Headquarters in Paris yesterday, to discuss global oil market developments and IEA-Saudi co-operation.

Dr Birol and Mr. Al-Falih’s discussion focused on the state of global oil markets, including the need for investment to meet continued growth in demand and to offset declines from mature fields. Dr Birol noted the importance of Saudi Arabia, the world’s leading oil exporter, with respect to the stability of global markets.

They also discussed how they can expand their cooperation in other areas such as improving energy efficiency, increasing the contribution of solar to the global energy mix and reviewing the role played by nuclear power.