{"id":122029,"date":"2021-04-27T18:22:18","date_gmt":"2021-04-28T01:22:18","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2021\/04\/saudi-arabias-shift-to-renewables-could-save-it-200-billion"},"modified":"2021-04-27T18:22:18","modified_gmt":"2021-04-28T01:22:18","slug":"saudi-arabias-shift-to-renewables-could-save-it-200-billion","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2021\/04\/saudi-arabias-shift-to-renewables-could-save-it-200-billion","title":{"rendered":"Saudi Arabia\u2019s Shift To Renewables Could Save It $200 Billion"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/saudi-arabias-shift-to-renewables-could-save-it-200-billion.jpg\"><\/a><\/p>\n<p>Saudi Arabia could save some $200 billion over the next ten years by switching from crude oil to natural gas and renewables for electricity production, Reuters <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabia-sees-over-200-bln-savings-energy-reforms-plan-finmin-2021-04-24\/\">reports<\/a>, citing the Kingdom\u2019s Finance Minister.<\/p>\n<p>\u201cInstead of buying fuel from the international markets at $60 and then selling it at $6 for Saudi utilities, or using some of our quota in OPEC to sell at $6, we\u2019re going to actually displace at least 1 million barrels a day of oil equivalent in the next 10 years and replace it with gas and renewables,\u201d Mohammed al-Jadaan said.<\/p>\n<p>OPEC\u2019s largest oil producer and world\u2019s largest exporter of crude is on a desperate quest to reduce its dependence on oil revenues by diversifying its economy away from the flagship export stock. Earlier this year, Crown Prince Mohammed, who appears to be the de facto ruler of Saudi Arabia, announced yet another investment program with a view to this diversification that he <a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/MBS-Aramco-And-SABIC-To-Lead-13-Trillion-Investment-Push.html\">said<\/a> would \u201cunlock new local investments valued at SAR 5 Trillion through the end of 2030.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia could save some $200 billion over the next ten years by switching from crude oil to natural gas and renewables for electricity production, Reuters reports, citing the Kingdom\u2019s Finance Minister. \u201cInstead of buying fuel from the international markets at $60 and then selling it at $6 for Saudi utilities, or using some of [\u2026]<\/p>\n","protected":false},"author":621,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,1497,45],"tags":[],"class_list":["post-122029","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy","category-finance"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/122029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/621"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=122029"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/122029\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=122029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=122029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=122029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}