Saudi Use Of Solar Could Boost Its Oil Exports

23 Dec 2016   Saudi Arabia, Solar

Saudi Arabia will turn to solar for electricity, which could allow it to export a lot more oil. The connection between solar and oil is not an obvious one since they typically do not compete against each other – oil is used to refine fuels for transportation while solar is used to generate electricity. Solar traditionally competes with natural gas, coal and nuclear power. However, that is not the case in Saudi Arabia, where oil is still burned for electricity, an increasingly uncommon practice throughout the world. In fact, Saudi Arabia is the largest consumer of oil for electricity, a weakness that Saudi officials believe they can no longer afford. Saudi Arabia burns through roughly 900,000 barrels per day during the summer months, according to the IEA, when Saudi citizens crank up the AC to provide some relief during the sweltering heat. That consumption is equivalent to roughly $16 […]

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