Energy Minister: Saudi Arabia to maintain crude oil output at 12.3 mbpd

Prince Abdulaziz bin Salman, Minister of Energy

Energy Minister Prince Abdulaziz bin Salman said today, Oct. 29, that Saudi Arabia is committed to maintaining crude oil production capacity at 12.3 million barrels per day (bpd).

 

Speaking at the Future Investment Initiative (FII) in Riyadh, the minister added that the Kingdom continues to strengthen and modernize renewable energy transmission lines.

 

He pointed out that Saudi Arabia is ready to export green hydrogen, while ensuring its availability for investors coming to the Kingdom to invest in hard-to-abate sectors.

 

The minister also stressed that Saudi Arabia produced 44 gigawatts of renewable energy since 2020, and will proactively work to identify suitable sites for renewable energy generation. The transition towards gas is ongoing and the Kingdom is determined to continuing this trend, he noted.

 

The minister further indicated that the Kingdom would continue benefiting from all available energy sources, adding that Saudi Arabia launched the Energy Efficiency Program in 2012 across government.

 

Meanwhile, Prince Abdulaziz bin Salman emphasized that all regions of the Kingdom are connected via at least two sources of electricity.

 

Elsewhere, he pointed out that the Kingdom cares for sharing its successes and plans in international partnerships with the rest of countries, noting that the ministry is working with Saudi Arabian Mining Co. (Ma'aden) to secure needs of minerals, whether locally or internationally.
 
Additionally he stated that Saudi Aramco will continue to invest and expand in China.
 
Moreover, the minister indicated that the ministry continues to cooperate with the Public Investment Fund (PIF) in launching the voluntary carbon market in an optimal and appropriate and well-studied manner.

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