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Saudi Arabia Wants to Be Top Supplier of Hydrogen, Says Energy Minister

A hydrogen powered mobile unit is seen during Saudi Aramco's media trip to demonstrate Hydrogen automotive technology at Techno Valley Science Park in Dhahran, Saudi Arabia, June 27, 2021. (Reuters)
A hydrogen powered mobile unit is seen during Saudi Aramco's media trip to demonstrate Hydrogen automotive technology at Techno Valley Science Park in Dhahran, Saudi Arabia, June 27, 2021. (Reuters)
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Saudi Arabia Wants to Be Top Supplier of Hydrogen, Says Energy Minister

A hydrogen powered mobile unit is seen during Saudi Aramco's media trip to demonstrate Hydrogen automotive technology at Techno Valley Science Park in Dhahran, Saudi Arabia, June 27, 2021. (Reuters)
A hydrogen powered mobile unit is seen during Saudi Aramco's media trip to demonstrate Hydrogen automotive technology at Techno Valley Science Park in Dhahran, Saudi Arabia, June 27, 2021. (Reuters)

Saudi Arabia wants to be the biggest supplier of hydrogen, the country's Energy Minister Prince Abdulaziz bin Salman al-Saud said on Sunday.

The world's biggest oil exporter intends to produce and export something within the neighborhood of about 4 million tons of hydrogen by 2030, the minister added.

The chief executive of Aramco, Amin Nasser, said earlier this year the Saudi Arabian state oil producer is looking for off-take agreements for hydrogen in its key markets to expand its output and sees strong potential for growth.

There are growing international calls for reductions in fossil-fuel investment and for the focus to shift towards renewable energy sources.

The minister also said the Kingdom plans to manufacture electric cars.

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Trade War Woes Propel Gold to Record High

A miner filters with water the soil extracted from gold quarries in Paso Yobai, Guaira Department, Paraguay, on February 11, 2025. (Photo by Daniel DUARTE / AFP)
A miner filters with water the soil extracted from gold quarries in Paso Yobai, Guaira Department, Paraguay, on February 11, 2025. (Photo by Daniel DUARTE / AFP)
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Trade War Woes Propel Gold to Record High

A miner filters with water the soil extracted from gold quarries in Paso Yobai, Guaira Department, Paraguay, on February 11, 2025. (Photo by Daniel DUARTE / AFP)
A miner filters with water the soil extracted from gold quarries in Paso Yobai, Guaira Department, Paraguay, on February 11, 2025. (Photo by Daniel DUARTE / AFP)

Gold breached the $3,100 level on Monday to touch an all-time high as investors turned to the safe-haven asset amid concerns that US President Donald Trump's tariff plans would widen the global trade war and trigger an economic fallout.
Spot gold added 0.9% to $3,110.81 an ounce as of 0444 GMT after hitting a record high of $3,115.79 earlier. Bullion has gained more than 8% in March, Reuters reported.
The dollar index eased 0.2%, making greenback-priced gold less expensive for buyers holding other currencies.
"Markets' anxiety levels have been ramping up ahead of the reciprocal US tariff announcements, which is keeping gold in high demand as a defensive play," KCM Trade chief market analyst, Tim Waterer said.
"If the tariff announcements this week are not as severe as feared, then the gold price could start to backtrack as profit-taking from the highs may be triggered."
Trump is expected to announce reciprocal tariffs on April 2, while auto tariffs will take effect on April 3.
On Sunday, the US president said he was "pissed off" at Russian President Vladimir Putin and would impose secondary tariffs of 25%-50% on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine, further escalating trade war concerns.
Gold, traditionally seen as a hedge against political and economic uncertainties, has risen more than 18% this year. The rally prompted multiple banks to increase their 2025 forecasts.
Meanwhile, San Francisco Federal Reserve Bank President Mary Daly said inflation data released on Friday confirms her decreased confidence in her baseline expectation that two interest rate cuts this year are a "reasonable" projection.
Spot silver rose 0.7% to $34.35 an ounce, platinum was steady at $984.07 and palladium gained 0.5% to $976.72. All three metals are set for a monthly rise.