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Sunday, 12 April 2015 10:00

Saudi Arabia aims to save 20% energy consumption

Saudi Arabia announced on Thursday that it aims to save 20 percent of its domestic energy consumption by 2030 through implementing energy efficiency.

"Energy consumption is 4.2 million barrels of oil equivalent, boe, per day at the moment," Saudi Prince Abdulaziz bin Salman, the deputy minister of petroleum and mineral resources of Saudi Arabia, was quoted as saying by the country's news agency SPA, Caspian Energy News ( reports with reference to Anadolu Agency.

Speaking at the 18th annual economies of the Saudi Economic Association's energy meeting in the country's capital Riyadh, he said "energy consumption is projected to increase over 8 million boe per day by 2030 if we don't limit energy waste."

The prince stressed that the kingdom aims to save around 1.5 million boe per day, or 20 percent, of the estimated domestic consumption by 2030.

"The consumption management of energy is a strategic necessity for the kingdom," said Prince Abdulaziz, who is also the chairman of the executive committee of the SaudiCenter for Energy Efficiency.

The kingdom subsidizes domestic energy costs on a large scale. Such subsidies do not curb public consumption, but instead erodes the country's oil resources that are widely used a major source in electricity production.

During the summer the country's electricity consumption peaks with increased usage of air conditioners. This seasonally lowers the kingdom's crude oil exports when demand for energy is highest for the year.

In recent years, Saudi Arabia implemented a number of standards that require households and offices to abide by certain standards regarding electricity and gas usage. Additionally some fuel regulations will be put into effect by the beginning of next year.

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