Saudi Arabia's Nuclear Push Set to Free Up More Oil for Export

Saudi Arabia's decision to develop its nuclear energy program is expected to reduce the amount of oil used for electricity generation, freeing up more crude for export. The country signed a civil nuclear cooperation agreement with the US last month, known as the '123 Agreement', which lays the legal groundwork for civilian nuclear cooperation between the two countries.

According to Justin Friedman, a nuclear energy business consultant and former senior US diplomat, Saudi Arabia has long sought to maintain its position as a leading global energy supplier. Adding peaceful nuclear energy would diversify its energy mix and potentially free up more hydrocarbons for export over the medium term while powering domestic growth.

Nuclear power could also complement Saudi Arabia's growing investments in renewable energy. It can provide secure, carbon-free, baseload power to secure Saudi Arabia's energy supplies while allowing more variable sources like wind and solar to be added to the grid.