Commodity Market Report
Saudi Arabia energy markets long-term outlook 2019
Report summary
Saudi Arabia is investing in a diversified – and cleaner – energy profile, amplifying a trend in the Mideast region. Increased gas production and renewable energy penetration in the power mix will allow Saudi Arabia to reduce the level of oil fuels burnt for power. As Saudi Arabia actively targets significant reductions in domestic oil use, we forecast LNG imports will also be required to meet increasing gas demand in power and industry in the long term. Saudi Arabia's energy transition will see renewables start to play a significant role in the medium term. Recently released installed capacity targets are realistic, however, the momentum in project development needs to accelerate. Our report shows the dynamics of oil, gas, LNG and renewables, and answers the key questions affecting Saudi Arabia's energy supply-demand view: How much renewables will penetrate the power sector? How will oil, gas and renewables split the share of power sector demand? What is the case for LNG imports?
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