The Saudi authorities want to abandon oil as the main source of income and energy source and are planning to focus on renewable energy, specifically solar power plants. This was stated by the Minister of oil of Saudi Arabia Ali al-Naimi, reports Bloomberg.
The official explains rejection of the oil for lots of sunshine in the Kingdom, a large number of unused areas and excessive sand
“I don’t think there is a more ideal country for renewable energy than Saudi Arabia. We have everything you need for the construction of solar power stations,” the Minister said.
However, al-Naimi believes that the country in the next 50 years will be able to completely abandon oil
“In the next 50 years humanity will not refuse from fuel, which, incidentally, is not so bad,” said al-Naimi.
We will remind, the International energy Agency (IEA) expects a further reduction of the cost of “black gold” and believes that the oil market in 2016 will remain saturated.
In turn, one of the largest investment banks in the world Goldman Sachs does not exclude that oil prices fall to $20 per barrel.According to the head of the investment Bank Jeffrey Currie, falling off is possible if the balance of supply and demand and will not be found at a higher price.