Saudi minister ‘very optimistic’ about oil market

19 Janvier, 2019, 18:25 | Auteur: Auguste Feret
  • Saudi minister ‘very optimistic’ about oil market

These investments in a rival source of energy isn't a threat to the world's biggest oil exporter, Al-Falih said. "In the interim, ample and reliable energy sources like oil and gas will need to be made available or (the world will) risk chaos".

Saudi Arabia's renewable power target is less than a third of Crown Prince Mohammed Bin Salman's vision for a 200 gigawatt capacity buildup by 2030.

"We've already exported gas on a commercial basis to the UAE so more of this interconnection in energy is going to take place and, importantly, also in trading of knowhow in technology and development with renewables", al-Falih was quoted as saying.

It said the rapid rise of renewables is being driven by new technologies and falling costs, making them ever more competitive against fossil fuels.

Saudi Arabia, which has said it is implementing a deal with Japan's Softbank to develop solar power, wants to boost its power generation from renewables and cleaner gas-fired plants.

The desert kingdom aims to develop about 60 gigawatts (GW) of renewable energy capacity in the next 10 years, including 40 GW of photovoltaic solar power, three GW of concentrated solar power and 16 GW of wind power the minister said.

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This strategy will help the Kingdom save up to two million barrels of oil daily by 2030, he added, without providing details on the expected costs of the program.

The Public Investment Fund will be responsible for developing 70 percent of the kingdom's renewable power capacity, Saudi Energy Minister Khalid Al-Falih said in a speech in Abu Dhabi.

The Saudi-led Organization of the Petroleum Exporting Countries and Russian Federation agreed last month to cut their combined oil output by 1.2 million barrels per day (bpd) to support a sluggish oil market.

"We expect that energy efficiency efforts combined with energy price reforms would reduce our local energy consumption by 1.5 to 2 million barrels of oil equivalent per day by 2030 compared to a business-as-usual scenario", he told the Abu Dhabi Sustainability Week in capital of the United Arab Emirates.

Falih said he is confident that "within the next few weeks" the market conditions will return to normal and confidence will be restored.

"But there is always a lagtime between the (decision to) cut production and the impact reaching the market", he said. "I am telling you that if it is not, we will meet and see what is enough and we will do it", Mazrouei said in late December.

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