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Thu 17 Nov 2016 09:28 AM

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Saudi Arabia will use less oil for power, says energy minister

Khalid Al-Falih, Minister of Energy said the kingdom is also committed to using nuclear and renewable energy

Saudi Arabia will use less oil for power, says energy minister
Saudi Arabias Energy Minister Khalid al-Falih. (Ryad Kramdi/AFP/Getty Images)

Saudi Arabia is committed to doubling its natural gas production and lower its use of oil in electricity generation, the country's energy minister told delegates at U.N. climate talks in Morocco on Wednesday.

"We are committed to doubling production of natural gas and at the same time rely less heavily on oil in producing electricity," Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, said in a statement to delegates.

He also said the kingdom is also committed to using nuclear and renewable energy.

Saudi Arabia has the world's fifth largest natural gas reserves at 291 trillion cubic feet, according to the US Energy Information Administration.

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Yolanda 3 years ago

The current US president (whether we like it or not, apparently) can't be serious about the ban threats. -There is no substitute for crude oil from Saudi Arabia. Unless you want to hold hands with Iran- lol
We all know trump to be the showman he is ands not a policy maker. He wanted to gain support for this and did it- not saying he isn't serious. but he shouldn't be taken seriously.
Reuters Agree! and they even stated it flatly. Not to mention that the media itself doesn't put that much weight to such threats. Many of his voters and supporters might deal with him the opposite way.
in an article I've read by Reuters by indicating the prospect of an import ban on Saudi crude oil will not be welcomed by the oil giants here in the US..it was merely meant to galvanise support from oil workers hit by the downturn.

Ump up 3 years ago

Well- if you truly thought of it, The kingdom's success in this sector is not just about them having much oil for long- but they've gained experience dealing with it.. Members of OPEC tentatively agreed to reduce crude supply. |
Additionally- such effort to stabilize prices marked a change in course for some major players like KSA, who now are in a competition to grab market share for the coming oil-seasons.. If you thought of it though–other- producers? Could that be Iran….? Do we want that?