Saudi Arabia Plans To Free 1 Mb/d As it Invests in Nuclear Power
Saudi Arabia’s power stations, desalination plants, factories and farms consume more than 1 million barrels per day of liquid fuel that the kingdom aims to displace by 2030. Natural gas and renewables will provide most of the replacement energy. Nuclear power could reduce domestic oil consumption further after 2030 as electricity demand continues to grow. On July 22, the United States and Saudi…
Saudi Arabia aims to cut its oil consumption by 1 million barrels per day by 2030 as it invests in nuclear power and renewable energy sources to replace fossil fuels. The United States and Saudi Arabia signed a 30-year civil nuclear cooperation agreement on July 22, allowing U.S. companies to potentially supply reactors, nuclear materials, and technical services to the kingdom.
Similar agreements with Turkey and the UAE were previously established. The IEA predicts Saudi Arabia's electricity demand will grow by 3.1% annually through 2030, with air-conditioning demand peaking in the summer months. Nuclear power could provide firm, low-carbon electricity when solar generation is unavailable, according to a study by the King Abdullah Petroleum Studies and Research Center.
However, the project faces geopolitical hurdles, including the potential need for diplomatic relations with Israel.
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