Saudi Arabia decided in April 2020 to boost its crude production capacity, Minister of Energy Prince Abdulaziz bin Salman said on the sidelines of OPEC+ meeting.
"Do not be surprised if we come back with additional announcements of further expansions,” Prince Abdulaziz said, adding that the Kingdom will not be impacted by unrealistic initiatives.
The energy minister’s statements came in response to the recent report by the International Energy Agency (IEA) outlining a roadmap for the world to achieve net-zero carbon emissions by 2050.
"I will have to express my view that I believe it is a sequel of the movie La La Land. Why should I take it seriously?" the minister noted.
In May, the IEA issued a roadmap urging investors that no new oil and gas investments are needed post-2021 to meet a net zero emissions target by 2050, Argaam reported.
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