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Saudi Arabia might become oil importer by 2030
- Saudi Arabia: Wednesday, September 05 - 2012 at 11:09
Citigroup Inc. has said the world's biggest crude exporter, Saudi Arabia risks becoming an oil importer in the next 20 years, Bloomberg has reported. Oil and its derivatives are used for about half of the kingdom's electricity production, which at peak rates is growing at about 8% a year, the bank said. "If Saudi Arabian oil consumption grows in line with peak power demand, the country could be a net oil importer by 2030," Heidy Rehman, an analyst at the bank, wrote. The country already consumes all its natural-gas production and plans to develop nuclear power, which pose execution risk amid a lack of available experts, safety issues and cost overruns, Rehman said.
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StaffWednesday, September 05 - 2012 at 11:09 UAE local time (GMT+4)
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