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FINANCIAL NEWS
Saudi oil exports to drop in long-run
21 Jul 2011
(MENAFN) Saudi Jadwa Investment firm said that since Saudi Arabia’s domestic demand for oil would be expected to expand whereas the country’s production would increase slightly, in the long term, oil exports from the Kingdom would be forecasted to drop notably, reported Emirates 24/7.
Jadwa added that the country’s oil exports in 2010 dropped to 5.8 million barrels per day from 7.5 million bpd six years ago, and would reach around 6.3 million bpd in four years due to increasing domestic consumption.
It also said that last year, domestic oil consumption reached around 2.4 million bpd compared with 1.9 million bpd in 2007 and 1.6 million bpd in 2003.
It is worth noting that two years ago, consumption of petroleum products was 3.2 million barrels of oil equivalent per day with an increase of around 69 percent from 1999 and 179 percent from 1989.
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