Saudi energy minister

Saudi Arabia is reaffirming its commitment to maintain its crude oil production capacity at 12.3 million barrels per day, despite its ongoing shift towards renewable energy. Energy Minister Prince Abdulaziz bin Salman emphasized this commitment during the Future Investment Initiative in Riyadh, underscoring that the Kingdom aims to balance its oil production with ambitious renewable goals, including plans for 130 GW of renewable capacity by 2030. He asserted that Saudi Arabia will continue to monetize its energy resources while also pursuing emission reduction efforts. The Kingdom's achievements in energy efficiency were highlighted as being comparable to developed nations, reached in a fraction of the time. Furthermore, Saudi Arabia is preparing to export green hydrogen and enhance its renewable energy infrastructure, while also ensuring energy security during the transition. The Minister plans to update the Kingdom's Nationally Determined Contributions under the Paris Agreement to reflect higher climate targets in the coming year.