Saudi officials stated on Tuesday (October 30) at the annual investment forum held in Riyadh that as Saudi Arabia prepares to tender 44 gigawatts (GW) of renewable energy projects, it will continue to maintain its oil production potential to ensure global energy security. As the world's largest crude oil exporter, Saudi Arabia will maintain its maximum sustainable capacity of 12.3 million barrels per day in the future. By 2027, the oil fields currently under development in Saudi Arabia will produce more than 1.1 million barrels per day, which is expected to offset the natural decline of conventional oil fields. According to a report at the Future Investment Initiative Summit held in Riyadh, the state-owned oil giant Saudi Aramco plans to increase the production capacity of its Marjan, Berri, and Zuluf oil fields by 2027 and to increase the supply of the Dammam crude oil development project. Meanwhile, Saudi Arabia plans to tender a total of 44 GW of renewable energy projects by the end of this year. Depending on the growth in demand, the country is expected to have 130 GW of renewable energy projects by 2030. Even with ambitious plans to promote renewable energy and grid development, Saudi Arabia has not given up its outstanding position in the global oil market. Senior research analyst at Energy Intelligence, Amena Bakr, quoted Prince Abdulaziz Bin Salman, the Saudi Energy Minister, as saying at the forum that while the world is moving towards energy transition, a variety of energy forms are absolutely needed to ensure global energy security. The influential Saudi minister in OPEC and OPEC+ stated that Saudi Arabia will "continue to monetize its energy resources while addressing climate change." Earlier this month, Saudi Aramco's CEO, Amin Nasser, called for what he called a reset of the transition plan for developing countries, citing the expected strong growth in oil demand in the Global South.
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