The recent surge of megadeals in the United States indicates a strong foothold for fossil fuels, according to Prince Abdulaziz bin Salman, the Energy Minister of Saudi Arabia. Speaking at the annual investment forum in Riyadh, the Minister emphasized the significance of stable global crude markets, reaffirming the pivotal role of oil in driving economic growth.

Prince Abdulaziz bin Salman expressed confidence in the effectiveness of Saudi Arabia's approach to managing the oil market, emphasizing its role in fostering a less volatile environment conducive to global economic expansion. The rising prices, hovering around $100 a barrel recently, have bolstered profits for major producers, fueling a surge of substantial acquisitions within the oil sector. Notably, Exxon Mobil Corp.'s acquisition of Pioneer Natural Resources Co. and Chevron Corp.'s intended purchase of Hess Corp. have highlighted the resilience of hydrocarbons as a crucial element of the energy mix.

Highlighting the importance of these recent mergers, Prince Abdulaziz bin Salman emphasized that they underscore the enduring relevance of hydrocarbons in the contemporary energy landscape. Saudi Arabia, in its commitment to long-term prosperity, is not only hosting the FII conference but also striving to develop new job opportunities and industries, fostering technologically advanced and environmentally sustainable cities.

Amin Nasser, the CEO of state producer Saudi Aramco, echoed the sentiment, highlighting the continued growth of energy consumption driven by recovering economies and the resurgence of major consumers such as China.

Patrick Pouyanne, CEO of TotalEnergies SE, emphasized the necessity of investment in the oil sector to meet the escalating demand and prevent an abrupt spike in prices. He dismissed criticisms of investments in energy supplies, underlining their importance in meeting global energy requirements.

Contrastingly, several executives at the conference, including Carlyle Group CEO Harvey Schwartz, Bridgewater Associates LP founder Ray Dalio, and Citigroup Inc. CEO Jane Fraser, expressed cautious sentiments regarding the global economic outlook. Factors such as tight monetary policies, geopolitical tensions in the Middle East, and the upcoming US elections were cited as potential challenges to the global economy.

Larry Fink, CEO of BlackRock Inc., predicted the Federal Reserve's likelihood of maintaining higher interest rates for an extended period, suggesting potential implications for the economic landscape by 2025. However, he remained cautious about the immediate future, indicating a sense of uncertainty surrounding the economic trajectory in 2024.