June 18, 2024
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Saudi Arabia Becomes Diverse Energy Exporter, Moving Beyond Oil

Saudi Arabia is undergoing a significant transformation from being primarily an oil exporter to becoming a leading exporter of diverse energy types, according to Saudi Minister of Energy, Prince Abdulaziz bin Salman.

Speaking at the Future Minerals Forum, Prince Abdulaziz highlighted the Kingdom’s commitment to reducing fossil fuel consumption domestically as part of its broader strategy to lead the energy transition.

“We are no longer being called a leading oil country or oil-producing country. Our tag now is that we would like to be an energy-producing country of all sorts of energy, so our task is to prove it and we shall,” he said.

Saudi Arabia aims to position itself as an energy-producing country across various sources, including renewable energy, green hydrogen, and carbon capture technologies.

The minister added, “Accelerating away from fossil fuels, in our case as Saudi Arabia domestically, we are doing that; we are saving a million barrels. The difference is, we will not stop producing that million, but we will export it in a way that will also be used in a proper manner, so it is a holistic thing.”

The minister emphasized the Kingdom’s role in global emission reduction efforts and showcased initiatives such as the Public Investment Fund’s voluntary carbon market and a greenhouse gas crediting mechanism.

Prince Abdulaziz also noted that the UAE and Saudi Arabia utilized the UN Climate Change Conference, COP28, platform to showcase their efforts in the energy transition sphere and the phase-out of fossil fuels.

He stated that he owes it to their friends in the UAE, acknowledging their year-long efforts, facing accusations and questioning the hosting of COP28 as an oil-producing country and OPEC+ member.

“The challenge was high, and we took it upon ourselves too. It delivered us an opportunity to deliver what we are really doing, especially us and the UAE, to show that we are extremely energy responsible,” he added.

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