Saturday, April 16

Saudis prepare for a future oil-depleted

Saudi Arabia, the world's largest oil exporter, can always decline - not in his panic quite yet about their oil supply, but it is certainly concerned.

Note: in February showed a Wikileaks document that Saudi Arabia its oil reserves of 300 billion barrels could be exaggerated, and it recently for a segment of the UN asked $100 billion climate change funds, help to other energy sources (a low request from such a so dependent on other people not diversification into other wealthy country to diversify energy sources).

And now the Kingdom has announced that it plans $100 billion nuclear, solar and other renewable sources of energy to spend. They have not announced about how long they spend there, but that's a lot of money. Private investment in Chinese renewable energy projects amounted to $54.4 billion last year, which was the highest of a country.

"Fuel supply is one of the major challenges for the power sector and the nation," Saleh al-Awaji, Saudi of Arabia's Deputy Minister for electricity in the Ministry of water, said at a recent Conferencein Abu Dhabi. "The directive is intensive work on energy to save and is that each barrel oil, that can be stored, and for export available is provided."

This means that Saudi Arabia wants to wean itself from oil, but the rest of us keep hooked (unless it has plans to be the world's largest solar-panel exporter). The country has still go a long way in reducing the dependency on oil--Saudi Arabia consumed 2.4 million barrels per day, and probably at least 8.3 million barrels of 2028 will need if no action is taken. But the United States consumes a staggering 18.8 million barrels daily, making it the most oil hungry nation in the world. Much comes from Saudi Arabia, which nearly 9 million barrels per day exported our oil.

Saudi Arabia at least, has an advantage in the solar energy arena: abundant sunshine. In September the Kingdom a 3 Completes 5-megawatt solar array - the largest solar power plant in the country. This is not very large, given that the largest solar installations in the world producing almost 100 megawatt power, but it's a necessary start for a country that has grown in proportion to its oil wealth.

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