Saudi Arabia remains committed to its crude oil production capacity of 12.3 million barrels per day, despite its ambitious strides towards renewable energy, as highlighted by Prince Abdulaziz bin Salman, the Kingdom’s energy minister. Speaking at the Future Investment Initiative (FII8) in Riyadh, Prince Abdulaziz emphasized that the Kingdom’s energy sector is undergoing a transformation led by innovations in hydrogen power and a circular carbon economy.
He praised Saudi Arabia’s rapid advancements in energy efficiency, noting that they match those of developed nations yet were achieved in just a fifth of the time. “We are committed to maintaining 12.3 million barrels of crude capacity, and we are proud of that,” he stated, reaffirming Saudi Arabia’s dedication to its traditional energy role alongside renewable commitments.
With a goal to generate 50% of its power from renewable sources by 2030, the minister celebrated Saudi Arabia’s ability to foster energy diversification and reduce emissions, all while supporting job creation and economic growth.
Saudi Arabia, the world’s largest hydrogen producer, has led renewable project tenders totaling 44 gigawatts — close to the entire installed capacities of the UK and Sweden. The Kingdom’s efforts to expand its electricity grid ensure energy access across all regions, underscoring a comprehensive approach to energy resilience and sustainability.