Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday Saudi Arabia will be one of the rare countries to raise oil production in 2022.

Speaking at a post-budget media forum in Riyadh on Monday, he warned that the oil markets are set for a period that could be dangerous. 

He said the Kingdom plans SR142 billion in energy distribution through 2030. Prince Abdulaziz said the country plans to invest SR380 billion in renewable energy projects by 2030.

The energy minister, however, said the natural gas insfrastructure including pipelines will be owned by the state.