Saudi Arabia Commits to Oil Capacity, Embraces Climate Goals

Saudi Arabia has reaffirmed its commitment to maintaining a daily oil production capacity of 12.3 million barrels, according to Energy Minister Prince Abdulaziz bin Salman. Speaking at the Future Investment Initiative (FII) conference in Riyadh, the minister stated that the kingdom will continue meeting its energy targets while simultaneously advancing its climate commitments.

The announcement came ahead of expected updates on a carbon credit program involving Saudi Arabia’s Public Investment Fund, reflecting the kingdom's broader environmental ambitions. This follows Saudi Arabia's support for an international COP28 deal, which grants nations more flexibility in achieving their individual clean energy goals.

Prince Abdulaziz emphasized Saudi Arabia’s achievements in managing emissions, expressing confidence in the nation’s environmental record. He also mentioned that the kingdom plans to strengthen its climate pledges under the 2015 Paris Agreement, aiming to further contribute to global climate goals.