Saudi Arabia is the world's top producer of oil, extracting approximately 11.6 million barrels every day. The oil takes care of approximately two-thirds of the kingdom's own energy needs and is the lynchpin of the country's lucrative exports.

HRH Prince Turki Al Faisal Bin Abdulaziz Al Saud, Chairman, Board of Directors, King Faisal Center for Research and Islamic Studies, Kingdom of Saudi Arabia

Earlier this week, Prince Turki Al Faisal Al Saud, a top spokesperson for Saudi Arabia, said that Saudi Arabia intends to generate 100 percent of its power from renewable sources, such as nuclear, solar, and low-carbon energies.

"Oil is more precious for us underground than as a fuel source," said the prince, whose country holds approximately 20 percent of the world's oil reserves, according to the International Energy Agency. "If we can get to the point where we can replace fossil fuels and use oil to produce other products that are useful, that would be very good for the world."

Read how the U.S. is giving Saudi Arabia a run for the title of world's top oil-producing country;