At the annual investment forum held in Riyadh on October 30, Saudi officials stated that Saudi Arabia will continue to maintain its status as an oil giant while accelerating the development of domestic renewable energy to achieve energy diversification. As the world's largest crude oil exporter, Saudi Arabia promises to maintain the maximum sustainable capacity of its oil production at 12.3 million barrels per day, while offsetting the natural decline of traditional oil fields by developing new ones. By 2027, the Marjan, Berri, and Zuluf fields under Saudi Aramco are expected to increase production, with enhanced supply from the Dammam crude oil project, making the oil supply more stable.
Saudi Arabia also plans to tender 44 gigawatts of renewable energy projects by the end of 2023. By 2030, the country's installed renewable energy capacity is expected to reach 130 gigawatts to meet the growing domestic demand. This plan includes the construction of large-scale solar and wind projects, aiming to reduce the reliance on oil while ensuring diversity in domestic and global energy supply.
Despite the global shift towards green transition, Saudi Arabia has not abandoned its leading role in the oil market. Officials emphasized that global energy security depends on the stable supply of various forms of energy. While addressing climate change, Saudi Arabia hopes to balance oil production capacity and renewable energy development to secure the global demand for fossil fuels and achieve economic diversification through the promotion of renewable energy.
