Climate talks bigger threat to Saudi than oil rivals

RIYADH (Reuters) – United Nations climate talks are a bigger threat to top oil exporter Saudi Arabia than increased oil supplies from rival producers, its lead climate negotiator said on Sunday.

Saudi Arabia’s economy depends on oil exports so stands to be one of the biggest losers in any pact that curbs oil demand by penalizing carbon emissions.

“It’s one of the biggest threats that we are facing,” said Muhammed al-Sabban, head of the Saudi delegation to U.N. talks on climate change and a senior economic adviser to the Saudi oil ministry.

“We are worried about future demand … oil is being singled out. We are heavily dependent on one commodity.”

Saudi depends on oil income for nearly 90 percent of state revenue and exports make up 60 percent of its gross domestic product.

Reuters