Saudi Oil Min Warns Against 'Premature Shift' from Hydrocarbon Dependency

According to a report from Dow Jones, Ali Naimi the Oil Minister of Saudi Arabia warned that a "premature shift" from reliance on hydrocarbons might lead to market speculation and higher petroleum prices.

"This kind of price volatility not only obscures market signals needed to ensure levels of investment required to meet future demand, but can also make global economic recovery a much more difficult, more distant prospect," said Naimi at an energy forum in Geneva, Switzerland, reported Dow Jones.

He added, "Diminished investment in fossil fuels will impact our ability to provide the energy that will be needed when the economy turns around."

As the oil minister of the country holding the largest reserves worldwide, Naimi warned "a premature shift from fossil fuels is increased market speculation."