S. Arabia reaffirms oil capacity, climate goals

Saudi Arabia will maintain its crude oil capacity at 12.3 million barrels per day while advancing climate initiatives, Energy Minister Prince Abdulaziz bin Salman announced at the Future Investment Initiative (FII) conference in Riyadh.

The minister emphasised the kingdom’s commitment to “monetise every molecule of energy”  while reducing emissions, asserting confidence in Saudi Arabia’s environmental record.

Alongside its oil targets, Saudi Arabia plans to refresh its climate commitments under the Paris Agreement, raising its national emissions reduction target next year. The kingdom is also expected to unveil a carbon credit exchange tied to its sovereign wealth fund as part of its broader climate strategy.

Attribution: Reuters

Subediting: M. S. Salama