Saudi Arabia Not Phasing Out Oil Use, to Raise Global Demand
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Hashim Sheikh
- . December 7, 2023
- . Update: December 7, 2023 11:34 am
Saudi Arabia is not with the idea for a gradual phase-out of oil usage and is working towards artificially raising global oil demand. Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom has revamped its energy sources, invested in renewable and improved energy-efficiency as it tries to decarbonizes its economy by 2030.
Yasir Al-Rumayyan, chairman of Saudi state oil company Aramco, told the Saudi Green Intitiative Forum that one cannot go to underdeveloped countries or developing countries and ask them to do the same measures of the transition, especially people who don’t have access to energy.
He resounded an African minister’s words “In order for us to have growth, we have to carbonize first then to decarbonize”. Yasir said the bottom line is that one should be less idealistic and more practical.
Saudi Arabia to Boost Oil Demand
Amid climate change, Saudi Arabia’s plans to artificially raise global oil demand have received criticism. An investigation by the Center for Climate Reporting and Channel 4 News revealed that the kingdom is planning to boost demand in Africa and Asia for petrol, oil and diesel products as part of a public program ‘Oil Sustainability Programme’ by the Ministry of Energy.
A Saudi official confirmed that this is one of the aspects they are trying to do. The plan includes a fleet of power station ships off the coast of Africa, using heavy fuel to generate electricity. It aims to develop technologies to launch supersonic commercial aviation, which would require about three times more kerosene than conventional air travel.
Saudi Arabia, as per the report, wants to increase the number of combustion engine vehicles in Asia and Africa to boost fuel demand. Officials said they will counter market incentives and subsidies for electric vehicles at a global level, to maintain the international reliance on fossil fuels, especially in emerging markets like Africa.
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Saudi Arabia is adamant on being a major global player and this means that it should have a powerful and stable economy. Besides fossil fuels, the country is also pursuing a green initiative to generate half its electricity with renewable by 2030. Saudi Arabia plans to plan 10 billion trees and aims to cut 278 million tons of CO2 by the decade’s end and achieve net zero by 2060.
Saudi Arabia is striving to be a regional energy powerhouse. As such, the Ministry of Investment of Saudi Arabia is building a solar manufacturing and technology facility in the Eastern Province of the country. This factory will produce enough renewable energy annually to generate about 5,000 tons of solar steam – reducing CO2 by 200,000 tons each year.
