Baku. 18 May. REPORT.AZ/ “Hopefully by 2030, I wouldn't care if the oil price is zero”.
Report informs citing the RIA agency, Saudi Arabia's minister of finance Mohammed Al-Jadaan has said in his interview with CNNMoney channel:
"We will not really care much whether the price is 40, 45, 50, 55 at that time because we have gone significantly out of our way to be independent of the oil price. We are planning to totally [end] that dependency that we have been living for the last 40, 50 years. Hopefully by 2030, I wouldn't care if the oil price is zero," he said in Jeddah.
Notably, Saudi Arabia prepared plan in 2016 in order to reduce dependence on oil. Under the plan, the current refining capacity of 3.1 million. barrels / day will rose to 3.3 million. barrels/day by 2020. Also, renewable energy, will provide country with 4% of energy production. Reduction of water and electricity subsidies by 2020 will save 53 bln rials or 200 bln USD. Meanwhile, the country will not cut oil production and support production level at 12.5 mln barrels/day by 2020.
Analytical Group of Report News Agency believes, statement made by Saudi minister on increasing oil production could withdraw country from OPEC's agreement. Projections show that in the next few years the price of oil will decline to $ 20-30/barrel.