SAUDI ARABIA PROMISES TO MAINTAIN OIL GIANT STATUS

As Saudi Arabia prepares to bid for 44 gigawatts (GW) of renewable energy projects, it will continue to tap its oil production potential to ensure global energy security, kingdom officials said Tuesday at an annual investment forum in Riyadh.

Saudi Arabia, the world's largest crude oil exporter, will maintain its maximum sustainable capacity of 12.3 million barrels per day (b/d) in the future.

By 2027, the Kingdom will produce more than 1.1 million barrels per day from developing fields, which should offset the natural decline of older fields.

State oil giant Saudi Aramco plans to increase production capacity at its Marjan, Berri and Zuluf fields, as well as increase oil supplies from its producing Dammam field in 2027, according to a presentation at the Future Investment Initiative summit in Riyadh.

At the same time, Saudi Arabia plans to tender a total of 44 GW of renewable energy projects by the end of this year.

It is expected to have 130 GW of renewable energy projects by 2030, based on growing demand.

Even with an ambitious program to develop renewable energy and electricity networks, Saudi Arabia has no intention of giving up its primacy in global oil markets.

As the world moves towards an energy transition, all forms of energy will be absolutely essential to ensuring global energy security, Saudi Energy Minister Prince Abdulaziz bin Salman told the forum, as quoted by Amena Bakr, senior analyst at Energy Intelligence.

The kingdom “will continue to monetize its energy resources by focusing on climate change,” said the Saudi minister, the most powerful figure in OPEC and OPEC+.

Earlier this month, Saudi Aramco chief Amin Nasser called for a so-called reset of transition plans for developing countries, citing expected big growth in oil demand in the South.