>In the lead-up to the COP28 climate change talks in Dubai last year, Saudi Arabia was among the loudest voices calling for more investment in fossil fuel production, saying it was necessary to fight energy poverty in regions such as Africa.
>…
>After a series of oil supply cuts dating back to October 2022, Saudi Arabia’s daily production stands at approximately nine million bpd, far below its capacity of 12 million bpd.
Why would anyone invest in new oil projects in Saudi Arabia when they don’t even use what they already have? It just doesn’t make sense, hence the decision to abandon the plans for capacity increases. I guess the reality finally caught up.
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>In the lead-up to the COP28 climate change talks in Dubai last year, Saudi Arabia was among the loudest voices calling for more investment in fossil fuel production, saying it was necessary to fight energy poverty in regions such as Africa.
>…
>After a series of oil supply cuts dating back to October 2022, Saudi Arabia’s daily production stands at approximately nine million bpd, far below its capacity of 12 million bpd.
Why would anyone invest in new oil projects in Saudi Arabia when they don’t even use what they already have? It just doesn’t make sense, hence the decision to abandon the plans for capacity increases. I guess the reality finally caught up.