Saudi Arabia could be oil importer by 2030

Saudi Arabia, the world’s biggest crude oil exporter, could risk being an oil importer in the next 20 years. Reports claim oil is being used for around half of the […]

Register now!

By Priyanka Shrestha

Saudi Arabia, the world’s biggest crude oil exporter, could risk being an oil importer in the next 20 years.

Reports claim oil is being used for around half of the nation’s electricity production, growing at around 8% during peak times.

Heidy Rehman, an analyst at Citi bank who made the claim in a report said: “If Saudi Arabian oil consumption grows in line with peak power demand, the country could be a net oil importer by 2030.”

She also stated the country has consumed all its natural-gas production and plans to develop nuclear power, which could have risks due to a lack of experts and safety issues, reports claim.

The country produced 11.2 million barrels of oil and natural-gas-liquids last year per day, which accounted for around 13% of the world’s supply, according to BP Plc’s report. It was the eighth-largest gas producer, providing 9.6 billion cubic feet a day to the domestic market.