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Saudi Arabia expresses commitment to maintaining crude oil output capacity at 12.3M bpd
(MENAFN) Saudi Arabia's commitment to maintaining its crude oil production capacity at 12.3 million barrels per day remains steadfast, despite the Kingdom's ongoing transition to renewable energy sources. In a speech delivered on the opening day of the Future Investment Initiative (FII8) in Riyadh, which runs from October 29 to 31, Energy Minister Prince Abdulaziz bin Salman outlined the country's strategy for revolutionizing its energy supplies. This strategy includes advancements in hydrogen power and the promotion of a circular carbon economy.
During his address, Prince Abdulaziz emphasized Saudi Arabia's achievements in energy efficiency, noting that the Kingdom has matched the progress of developed countries in this area, but has done so in a significantly shorter timeframe. He stated, “We are committed to maintaining 12.3 million barrels of crude capacity, and we are proud of that,” underlining the importance of this capacity even as the Kingdom pursues renewable energy initiatives.
The Kingdom has set a goal of generating 50 percent of its power from renewable sources by 2030, and Prince Abdulaziz expressed pride in the government's progress toward this objective. He also addressed criticism regarding the country's emissions record, asserting, "We are not ashamed of our record when it comes to emissions. We are proud of it," while suggesting that external critics aim to obscure the Kingdom's achievements in energy management.
Reflecting on Saudi Arabia's advancements in energy efficiency relative to global trends, the minister highlighted the notable strides made in less than a decade. He compared the Kingdom's achievements in air conditioning efficiency to those of the United States and the European Union, illustrating the rapid progress made. He challenged critics by stating that if the OECD took nearly 50 years to reach similar milestones, Saudi Arabia's ability to achieve comparable results in a fraction of that time demonstrates the Kingdom's potential for continued improvement and innovation in energy efficiency.
During his address, Prince Abdulaziz emphasized Saudi Arabia's achievements in energy efficiency, noting that the Kingdom has matched the progress of developed countries in this area, but has done so in a significantly shorter timeframe. He stated, “We are committed to maintaining 12.3 million barrels of crude capacity, and we are proud of that,” underlining the importance of this capacity even as the Kingdom pursues renewable energy initiatives.
The Kingdom has set a goal of generating 50 percent of its power from renewable sources by 2030, and Prince Abdulaziz expressed pride in the government's progress toward this objective. He also addressed criticism regarding the country's emissions record, asserting, "We are not ashamed of our record when it comes to emissions. We are proud of it," while suggesting that external critics aim to obscure the Kingdom's achievements in energy management.
Reflecting on Saudi Arabia's advancements in energy efficiency relative to global trends, the minister highlighted the notable strides made in less than a decade. He compared the Kingdom's achievements in air conditioning efficiency to those of the United States and the European Union, illustrating the rapid progress made. He challenged critics by stating that if the OECD took nearly 50 years to reach similar milestones, Saudi Arabia's ability to achieve comparable results in a fraction of that time demonstrates the Kingdom's potential for continued improvement and innovation in energy efficiency.
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