Shipments of fuel oil rose to the highest levels since at least 2020, reaching about 350,000 barrels a day in June, to meet rising power demand during scorching temperatures.
Saudi Arabia, burning more oil for electricity due to hot temperatures exceeding 50C, aims to transition to net-zero emissions by 2060, shifting to solar, wind, and natural gas.
Saudi Aramco signed $25 billion deals to increase natural gas production for power generation, planning to replace all liquid fuels in power plants by 2030 and boost crude exports.
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