President of WPC Energy Pedro Miras said that security of supply has returned to the forefront of priorities for the global energy sector amid escalating geopolitical disruptions. He stressed that the global energy system is now more resilient to supply shocks than it was a few years ago, even though these disturbances continue to affect prices. Miras made his remarks to Asharq Al-Awsat on the sidelines of the 17th Ministerial Meeting of the International Energy Forum (IEF), held in the Saudi capital as part of Riyadh Energy Week, which runs from October 11 to 15. The week is anchored by the 25ᵗʰ WPC Energy Congress and includes international ministerial meetings focused on energy security and the future of the global energy system. Riyadh is hosting IEF 17 under the theme “Energy Security and Shared Goals in a New Era.” The event brings together energy ministers and senior officials to discuss market stability, strengthen dialogue between producing and consuming countries, support investment, and improve the transparency of energy data at a time of growing geopolitical risks and supply-chain challenges. Miras explained that developments over the past few years have pushed security of supply back to the top of the agenda, stressing the importance of continuing to develop the sector while maintaining a balance among what he described as the three equally important pillars of the energy system. A general view of the venue hosting the 17th Ministerial Meeting of the International Energy Forum (IEF) in Riyadh. Asharq Al-Awsat Addressing supply disruptions, Miras noted that the industry has faced challenges in various parts of the world, not only in the Middle East, adding that the energy sector has extensive experience in dealing with such situations. He said that the current disruptions would likely have had a much larger impact on markets in the past. However, the global energy system is now better equipped to withstand shocks than it was just a few years ago, despite the resulting increase in prices. Miras added that these challenges remain manageable, pointing to previous crises that had far more severe consequences, and called for maintaining confidence in the sector’s ability to overcome ongoing disruptions.
