A few days ago, the Saudi Energy Minister stated that his country is no longer oil, but rather that it is a “great energy country”, referring to Riyadh’s tendency to produce alternative energy, in addition to oil, according to the website.Oil Price“.
Saudi Arabia has big green ambitions that include gas production, renewable energy and hydrogen, while the kingdom has already raised its July official oil selling price to Asia.
The Saudi minister said: “We in Saudi Arabia are at the top of awareness in the optimal use of our hydrocarbon resources and other sources of energy, and this makes me say repeatedly that Saudi Arabia is no longer an oil-producing country but an energy-producing country,” stressing his confidence in his country’s success to be a leader in all these fields.
“Oil Price” indicates that this does not mean that Saudi Arabia intends to reduce its oil production, or that it will not play an important role in its economy. Rather, the national oil companies – especially in many OPEC countries – are very keen to benefit from what will certainly be an increase in prices. Oil in its plans for the renaissance.
The price of Brent crude exceeded $71, on Monday. It is certain that Saudi Arabia will benefit from higher oil prices as part of its plans to shift to new energy, as Riyadh seeks to finance green energy projects from oil sales.
Saudi Arabia aims to generate 50 percent of its energy from renewable energy sources by 2030, in order to partially reduce its dependence on oil.
In 2017, renewables made up only 0.02 percent of the total energy share in oil-rich Saudi Arabia.
Oil revenues – which will fund any green aspirations the country may undertake – in Saudi Arabia have been dwindling over the past year and a half due to fluctuating prices, and the state-run oil giant Aramco has been forced to sell bonds just to pay more huge profits to the state.