Saudi Energy Minister Prince Abdulaziz bin Salman has said that Saudi Arabia will be one of the few countries to increase oil production by 2022.
According to Al-Watan newspaper, speaking at the budget forum, he said that "energy demand will remain at 28% till at least 2045"."Reducing investment in the energy sector will result in a 30 million barrel reduction in oil production by 2030," he said.
The Saudi energy minister said the world would suffer a global energy crisis if efforts were not made to maintain and increase oil production.
Prince Abdulaziz bin Salman said: "It is the only state in the world that increased oil production during April 2020 when the Corona epidemic reached its peak."
"We have solved the problem of uncertainty through faith. Other countries have been hesitant," he said. We have taken the investment initiative instead of hesitation.
"If oil demand declines in the future, OPEC member countries will be the largest producers of oil in the market," he said.
"Natural gas infrastructure, including pipelines, will become state-owned," he said.
He said that Saudi Arabia intends to invest 380 billion riyals in renewable energy projects by 2030.
