Behalf of :
Business&Finance Club - Riyadh : Saudi Arabia's oil minister Ali Naimi said politically motivated policies to support alternative energy and cut imports in major oil consuming countries like the U.S. could affect needed investment in fossil fuels and put energy security at risk.

"If these supplemental resources on which such great hopes for energy security are based do not fulfill their high expectations, and the investment in traditional resources is scaled back to make room for them, an energy supply crunch might occur to the detriment of energy security and market stability," said Naimi, speaking at the U.S.-Saudi Forum in Chicago.

On the issue of consuming governments' energy policies, Naimi said that he believes there is a difference between political statements made to satisfy voters and policies enacted to address some of the real perceived concern.

"It is my sincere hope that often-repeated political statements like reducing oil imports from this or that region are not translated into political actions," Naimi said. "But for enacted policies to address energy security or climate change, I believe they have to pass the consistency, feasibility and long-term efficiency tests."

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