RIYADH – Saudi Energy Minister Abdulaziz bin Salman confirmed yesterday that the Kingdom is committed to maintaining its maximum production capacity for crude oil, at the level of 12.3 million barrels per day.
The Minister’s statements were contained in his speech on the work of the Future Investment Initiative, which was launched in the capital, Riyadh, and continues until Thursday, under the title “An Endless Horizon: Investing Today, Shaping Tomorrow.”
Bin Salman stated that Saudi Arabia’s capacity to produce crude oil will remain at 12.3 million barrels per day, as this maximum production quantity places Saudi Arabia side by side with the United States as the largest producer of crude oil in the world.
Saudi Arabia’s oil production currently amounts to less than 10 million barrels per day, compared to the average natural production of 11 million barrels per day, due to the Kingdom’s commitment to a mandatory and voluntary agreement to reduce production within the “OPEC Plus” alliance.
He added: “In addition to oil production, we have a large project to produce and transport natural gas from the east of the Kingdom to the west on the Red Sea. We are also carrying out marketing tours around the world to sell clean and green hydrogen to global markets.”
He stressed that his country today “is considered the largest producer of clean hydrogen around the world,” without providing figures on actual annual production quantities.
The Future Investment Initiative is a global platform for communicating with the business community, partners and investors from around the world, to pump investments into vital sectors such as technology, industry, tourism and services.
According to the initiative’s website, the eighth edition is expected to attract more than 5,000 guests and 500 speakers on a variety of topics related to the current era.
The eighth edition includes more than 200 sessions that address topics of economic stability, equitable development, and combating climate change, in addition to artificial intelligence, innovation, health, and geopolitical issues.
Anatolia
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**Interview with Dr. Sarah Al-Mansour, Energy Analyst**
**Editor:** Thank you for joining us today, Dr. Al-Mansour. Let’s dive right into the recent statements made by Saudi Energy Minister Abdulaziz bin Salman regarding oil production capacity. What are the key takeaways from his speech at the Future Investment Initiative?
**Dr. Al-Mansour:** Thank you for having me. Minister Abdulaziz bin Salman’s confirmation of maintaining Saudi Arabia’s maximum crude oil production capacity at 12.3 million barrels per day is quite significant. It reflects the Kingdom’s ongoing commitment to play a pivotal role in global oil supply, especially as energy markets continue to navigate volatility.
**Editor:** Indeed, that’s a considerable commitment. How does this decision align with the Kingdom’s broader energy strategy moving forward?
**Dr. Al-Mansour:** The commitment to maintain high production capacity goes hand-in-hand with Saudi Arabia’s Vision 2030 strategy, which aims not only to empower the economy through oil revenues but also to expand gas production capacity by 60% by 2030. This dual approach indicates a strategic effort to ensure energy stability while diversifying the energy sector, shifting towards sustainability.
**Editor:** Speaking of sustainability, there’s often a conversation around the balance between fossil fuels and renewable energy. How do you see Saudi Arabia navigating this terrain?
**Dr. Al-Mansour:** That’s a great question. Saudi Arabia recognizes the critical importance of renewables, and there has been substantial investment in solar and wind projects. The kingdom is positioned uniquely; it aims to sustain its oil production to fund its energy transition. The recent investments in renewable energy are part of a broader strategy to eventually reduce reliance on oil while maximizing economic benefits in the interim.
**Editor:** Looking ahead, what implications do you foresee for global energy markets based on these developments?
**Dr. Al-Mansour:** Maintaining high production levels will likely have a stabilizing effect on global oil prices, especially in the face of fluctuating demand. However, it also raises questions about sustainability commitments from major oil producers worldwide. The focus will be on how these countries can balance production with the transition to cleaner energy sources while ensuring energy security and economic resilience.
**Editor:** Thank you, Dr. Al-Mansour, for your insights on this crucial topic. It’s clear that Saudi Arabia is at a pivotal juncture in its energy strategy.
**Dr. Al-Mansour:** Thank you for having me. It’s an important time for the energy sector, and I look forward to seeing how these developments unfold.
