Saudi Arabia aims to generate 50% of its power needs using gas, with the remainder provided by renewable energy, Interfax news agency cites the country’s Energy Minister Prince Abdulaziz Bin Salman as saying during Future Investment Initiative (FII) forum in Riyadh.
The kingdom has previously announced big plans for solar power generation.
As a result, the prince continued, the use of oil in the country will decline and the kingdom will have more of it to export.
In addition, Saudi Arabia is implementing and plans to continue to implement energy saving programs.
Saudi Arabia currently ranks third in oil production in the world, producing after cuts under the OPEC+ deal 9 million barrels per day (b/d) and exporting around 6 million b/d. In October 2018, the country’s oil production averaged 11 million b/d, while oil exports exceeded 7 million b/d.