Saudi Arabia Launches Program to Exploit Wind, Solar Energy

Saudi Minister of Energy, Prince Abdulaziz bin Salman (AFP)
Saudi Minister of Energy, Prince Abdulaziz bin Salman (AFP)
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Saudi Arabia Launches Program to Exploit Wind, Solar Energy

Saudi Minister of Energy, Prince Abdulaziz bin Salman (AFP)
Saudi Minister of Energy, Prince Abdulaziz bin Salman (AFP)

Saudi Minister of Energy Prince Abdulaziz bin Salman said the Kingdom would strongly move towards completing the energy efficiency project that began years ago, underlining the importance of exploiting wind and solar energy.

Saudi Arabia has a number of characteristics, which puts it at the forefront of the model countries to implement energy efficiency, the minister said his comments during the first day of the G20 Think group conference, which is currently presided by the Kingdom.

He added that the prospective gas projects would contribute to an energy shift, drive the national petrochemical industry, and stimulate renewable energy programs.

Saudi Arabia has formed an independent ministry for energy affairs, after it was previously limited to oil. The new ministry would deal with the energy issue in all its details, and will seek to overcome the obstacles facing this challenging sector, according to Prince Abdulaziz.

He also emphasized that the Kingdom was one of the leading countries to expand the concept of circular economy theory to reduce carbon emissions, stressing that it was striving to support efforts to preserve the environment, facilitate access to clean and sustainable practices, and reduce global tension due to emissions.

During the virtual conference, the minister stressed that the current conditions, which were imposed by the outbreak of the new coronavirus, call for more work to assess the environmental impact, stimulate the adoption of the circular economy and launch programs to reduce energy consumption, promote human health and provide the best services for sustainable energy.

“If the world does not benefit from this pandemic to change our reality... we will be deceiving ourselves,” he said.



Iraq, Saudi, Russia Stress Need for Stable Oil Market ahead of OPEC+ Meeting

A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
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Iraq, Saudi, Russia Stress Need for Stable Oil Market ahead of OPEC+ Meeting

A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration

OPEC+ members Iraq, Saudi Arabia and Russia agreed in a meeting in Iraq on Tuesday on the importance of maintaining stable oil markets and fair prices, Iraq's Prime Minister Office said on Tuesday.

The talks come ahead of Sunday's meeting of OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, where OPEC+ sources say it will weigh a possible further delay to plans to raise oil output.

Iraqi Prime Minister Mohammed Shia al-Sudani, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, and Russian Deputy Prime Minister Alexander Novak attended the meeting.

They discussed "the conditions of global energy markets and matters related to the production of crude oil, its flow to markets, and meeting demand," the prime minister's office said, Reuters reported.

"The importance of maintaining stability, balance, and fair prices was emphasised, while stressing the vital role played by the OPEC+ group in this regard," the office added.

Russian energy minister Sergei Tsivilev and deputy energy minister Pavel Sorokin were also present, according to a photo posted on the X account of the Iraqi prime minister's media office.

OPEC+, which pumps around half the world's oil, has already delayed a plan to gradually lift production by several months this year because of falling prices, weak demand and rising production outside the group.

Despite OPEC+'s cuts and delays to output hikes, oil prices have mostly stayed in a $70-$80 per barrel range this year and on Tuesday were trading below $74 a barrel, not far above a 2024 low reached in September.

Azerbaijan's Energy Minister Parviz Shahbazov told Reuters on Monday OPEC+ may at Sunday's meeting consider leaving its current oil output cuts in place from Jan. 1. The meeting will be held online, OPEC+ sources said.