This interesting Time Magazine interview with Saudi Arabia’s Energy Minister includes a discussion of the Kingdom’s decision to increase production capacity by 3 million bopd. A few excerpts follow:
Abdulaziz insists Saudi Arabia can roll out multibillion-dollar solar, wind, and hydrogen projects at home, even while remaining a giant oil producer. Choosing between the two is absurd, he says, and those who predict the inevitable decline of fossil fuel use are “living in a fantasy land.”
We believe oil consumption will continue to grow. The demand for oil will continue growing. At what level, I do not know, because the jury is out. Anyone who tells you that they have a good grasp of where and when and how much is certainly living in a fantasy land. We are human, and we could prove to be wrong, but that is exactly what we believe.
Three billion people lack any meaningful energy source, any clean energy, just for cooking. These people use biomass, everything, to burn, including cutting trees. Just to get through the day, they expose themselves to all sorts of hazards, including sickness and even death. For $500 million you would be able to give energy to 750 million people, in order to cook using clean energy, using propane energy, giving them a stove.
Saudi Arabia’s energy minister Prince Abdulaziz Bin Salman
Bud's Offshore Energy (BOE) 