07 Sep '12, 4pm

Saudi Arabia may be a net oil importer by 2030

Saudi Arabia may be a net oil importer by 2030

Here’s a good reason for America to wean itself off of oil, particularly from foreign countries: As foreign economies expand, they’ll increasingly need to use their oil domestically. Camels in Saudi Arabia, 1982. (Photo by Brian Harrington Spier .) Case in point, Saudi Arabia, which may become a net oil importer within the next two decades. From the Telegraph : The Kingdom is the world’s largest oil producer, accounting for about 13pc of global supply, but it may need to use a growing share of its production for power generation to meet rising electricity demand, Citi said. Its export capacity could steadily reduce and, “if nothing changes, Saudi may have no available oil for export by 2030”, Citi analyst Heidy Rehman wrote. Saudi Arabia consumes 25pc of its oil output and oil accounts for about 50pc of its electricity production. With peak power demand rising by about 8pc...

Full article: http://grist.org/news/saudi-arabia-may-be-a-net-oil-impor...

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