%20by%202027,%20up%20from%2012%20million%20bpd%20currently.%20It%20also%20wants%20to%20increase%20natural%20gas%20output%20to%20use%20more%20gas%20for%20domestic%20electricity%20generation%20instead%20of%20dirtier%20fuels%20like%20oil.Speaking%20to%20TIME’s%20Vivienne%20Walt,%20the%20Prince%20said:%20“We%20are%20targeting%20our%20production%20capacity%20to%20become%2013.4,%2013.5%20million%20barrels%20a%20day%20by%202027.”“We%20believe%20oil%20consumption%20will%20continue%20to%20grow.%20The%20demand%20for%20oil%20will%20continue%20growing.%20At%20what%20level,%20I%20do%20not%20know,%20because%20the%20jury%20is%20out.%20Anyone%20who%20tells%20you%20that%20they%20have%20a%20good%20grasp%20of%20where%20and%20when%20and%20how%20much%20is%20certainly%20living%20in%20a%20fantasy%20land.”“We%20like%20the%20transition.%20If%20I%20can%20sell%20you%20the%20oil%20or%20gas%20that%20we%20have,%20and%20the%20carbon%20emissions%20will%20be%20handled,%20why%20should%20you%20confine%20yourself%20to%20a%20choice%20or%20two?%20You%20should%20keep%20your%20choices%20open,%20so%20that%20you%20mitigate%20the%20concerning%20issue,%20which%20is%20carbon%20emissions.”Commenting%20on%20his%20comment%20that%20the%20International%20Energy%20Agency’s%20(IEA)%20net-zero%20scenario%20is%20a%20sequel%20to%20La%20La%20Land,%20he%20said:%20“It%20was%20a%20good%20movie,%20a%20fun%20movie.%20But%20it’s%20something%20you%20watch%20for%20two%20hours%20and%20move%20on.%20You%20go%20back%20to%20reality.”){kind=link}
Saudi Arabia’s Energy Minister, Prince Abdulaziz Bin Salman, said in a TIME interview published on Sunday that the world’s largest oil exporter believes there will still be a market for its crude decades from now and plans to increase production capacity, while some other oil companies are limiting investments in oil in the energy transition.
Aramco, Saudi Arabia’s oil giant, aims to boost its oil production capacity to 13 million barrels per day (bpd) by 2027, up from 12 million bpd currently. It also wants to increase natural gas output to use more gas for domestic electricity generation instead of dirtier fuels like oil.
Speaking to TIME’s Vivienne Walt, the Prince said: “We are targeting our production capacity to become 13.4, 13.5 million barrels a day by 2027.”
“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 like the transition. If I can sell you the oil or gas that we have, and the carbon emissions will be handled, why should you confine yourself to a choice or two? You should keep your choices open, so that you mitigate the concerning issue, which is carbon emissions.”
Commenting on his comment that the International Energy Agency’s (IEA) net-zero scenario is a sequel to La La Land, he said: “It was a good movie, a fun movie. But it’s something you watch for two hours and move on. You go back to reality.”