Saudi Arabia, the largest crude exporter, could phase out the use of fossil fuels by the middle of this century, the kingdom’s oil minister, Ali al-Naimi, said yesterday.
The statement represents a stunning admission by a nation whose wealth, power and outsize influence are predicated on its vast reserves of oil.
Mr Naimi, whose gnomic utterances on oil supply routinely move markets, told a conference in Paris on business and climate change: “In Saudi Arabia, we recognise that eventually, one of these days, we are not going to need fossil fuels. I don’t know when — in 2040, 2050 or thereafter.”
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