Saudi may face shortage in domestic oil supply in 2030

19 Jun 2011

(MENAFN) The Saudi Electricity Company’s (SEC) vice president for relations, Abdul Salam Alyamani, said that in case high crude oil output consumption trends remained the same, in 2030, supply to cover domestic demand would fail, reported Emirates 24/7.

Alyamani added that at the moment, Saudi Arabia’s crude oil production was around 8.5 million barrels per day (bpd), whereas local demand was 2.5 million bpd to 3.4 million bpd which most of was used in power generation.

He also said that in order to save energy, work in key shopping malls during the afternoon period in summer should be banned until 7.00 pm, while work periods at the governments departments should be limited to between 6.00 am to 12.00 noon.

It is worth noting that on a yearly basis, the Saudi government is spending around USD13 billion to subsidize power and water consumption for citizens. The country controls around 266 billion barrels of proven oil resources, more than a fifth of the world’s total crude deposits.

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