Saudi burns the midnight oil: exports rake in over SR 1 trillion
Saudi Arabia exported nearly 2.68 billion barrels of crude oil in the past 11 months of the current year that has yielded SR 1.005 trillion, an economic expert said.
According to economic expert Dr. Fahad bin Jumaa, local consumption stood at 859 million barrels, or 26 percent of the total production in the above-mentioned period.
Saudi total oil exports in the current year are predicted to yield SR 1.089 trillion in revenues and to surpass 2011 revenues by 5.6 percent, Jumaa was quoted by local media.
In a related development, economic analyst Abdulrahman Al-Qahtani said despite rising oil production during the current year, the Kingdom has been experiencing high rates in energy consumption which necessitates a drive to achieve a balanced and sustainable mix for exploitation of energy resources, whether conventional or renewable, which will minimize use of fossil fuels and save for future generations. He said raising of the level of efficiency for conventional energy sources and reduction of oil consumption during the next few years require adoption of several steps including the existence of a multi-transport system, notably launching of inter-city mini-train networks during the upcoming period. He called for a national strategy aimed at curbing higher rates of energy consumption and lay down solutions conducive to preserve oil wealth for next generations.
An adviser to the Saudi minister of petroleum recently said the Kingdom plans to invest more than $ 100 billion over the next 20 years in strategic solar programs in order to diversify its energy mix.
Addressing the 18th session of the Conference of the Parties of the UN Framework Conference for Climate Change (COP18 – UNFCCC), in Doha, Qatar, Khalid M. Abuleif said the King Abdullah Center for Atomic and Renewable Energy is leading the Kingdom’s transition to achieve a balanced energy mix in sustainable energy development and management as the Kingdom is advancing its economic diversification efforts.