Saudi Arabia currently consumes 10 million barrels of oil per day, which is 25% of the global crude oil production. Its consumption alone is greater than the total US oil production.
In a business and climate conference on Thursday, Saudi Arabian Oil Minister Ali al-Naimi ruled out the possibility of reducing reliance on fossil fuels in the short run. In recent times, environmentalists have expressed concerns regarding carbon emissions and are hence urging companies to use more environmental-friendly forms of energy.
According to Mr. Naimi, transitioning from fossil fuels to alternative energy right now does not make much economic sense. Speaking to the Wall Street Journal, he stated: “You say decarbonize. Are you willing to have me go back home and shut all the oil wells? Can you afford that today? What will happen to the