Saudi Arabia, the largest oil exporter in the world, said Wednesday it will double its natural gas output by 2030 but will use all of it for domestic consumption.
“Within the next decade, Saudi Arabia will more than double its gas production,” Saudi Arabia’s oil minister Ali al-Naimi said.
The new production will be used to meet the country’s rising energy demand and help fuel its expanding mineral industry, Reuters said.
“Saudi Arabia currently has no plans to export its gas or get into the LNG business,” al-Naimi said.
Saudi Arabia holds the fifth largest natural gas reserves in the world with an estimated 291 trillion cubic feet, according to the U.S. Energy Information Association.
The energy minister said a “conservative” estimate of gas reserves is about 300 trillion cubic feet.
As Brent prices dove to a four year low this week al-Naimi said Saudi Arabia is committed to stable global energy markets but did not comment on how the kingdom will respond to slumping prices.