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FINANCIAL NEWS
Saudi oil demand expands at six-year low
01 Aug 2016
(MENAFN) Oil consumption in Saudi Arabia is increasing at the slowest pace in at least six years as low energy prices hurt economic growth.
On the other hand, the kingdom’s demand for oil grew by 24.000 barrels a day in the Jan- May period this year.
Moreover, consumption of gasoline, kerosene and other products contracted this year, dropping by 22.000 barrels a day in the first decline since 2002.
Accordingly, if the oil slump continued, the kingdom will not see a huge contribution to oil-consumption growth from the region.
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