Saudi Arabia’s efforts to end oil burn are a key driver of slowing global oil demand growth, according to the IEA’s Oil 2024 report released last week. “Saudi Arabia is currently the world’s largest consumer of oil for power generation,” says the IEA, noting that the kingdom’s Liquids Displacement Program is intended to displace around 1mn b/d by 2030 (MEES, 12 April).
Saudi Arabia is targeting a 50:50 mix of gas and renewables by 2030. To achieve this, Aramco aims to increase gas output by 60% (MEES, 15 March), while the Ministry of Energy intends to increase renewables capacity from 2.8GW currently to a massive 130GW over the same timeframe (MEES, 7 June). (CONTINUED - 1462 WORDS)
