Peak Oil? Saudi Can See It From Here

Reuters is reporting:

The world's top oil exporter aims to install 23.9 gigawatts of renewable power capacity by 2020 and 54.1 GW by 2032, it said in the roadmap, which would make Saudi Arabia one of the world's main producers of renewable electricity.

In 2011 global installed capacity for photovoltaic solar power, the most common solar technology, was 69.4 GW, the BP Statistical Review of World Energy 2012 said.

The kingdom says it has crude output capacity of 12.5 million barrels a day, but domestic oil consumption is rising quickly and may start to cut into the amount of energy available for export.

Saudi will probably need to raise the price of their oil to pay for this program.