Saudi electricity sector overhaul to save 600,000-700,000 bpd by 2030: minister

The restructuring of Saudi Arabia's electricity sector will likely slash oil consumption by 600,000-700,000 barrels per day by 2030, said Minister of Energy Prince Abdulaziz bin Salman.
 

Speaking to CNBC Arabia, the minister added that the Kingdom seeks to produce 50% of its electricity using renewables.
 

During a press conference held yesterday on the latest structural and financial reforms in the power sector, Prince Abdulaziz told Argaam that, looking ahead, no single barrel of oil will be burnt except for a power plant located in a remote area, to which gas and solar energy cannot be easily supplied, or to a plant serving as an alternative for the energy mix program between renewable energy and crude or fuel oil.