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FINANCIAL NEWS
Saudi to become world’s main oil producer in 2015
10 Nov 2011
(MENAFN) The International Energy Agency (IEA) said that since oil output at new fields in Russia wouldn’t compensate the drop at mature deposits, in 2015, Saudi would surpass Russia and become the main oil producer in the world, reported Arabian Business.
The agency added that two years ago, Russia became the world’s largest oil producer when Saudi Arabia reduced its output during the global economic crisis.
It also said that Saudi’s output would grow to match that of Russia in 2015, whereas it would increase to reach 14 million barrels per day (bpd) by 2035.
It is worth noting that Russia plans to export around 68 billion cubic meters (bcm) of gas annually to China by 2016, whereas by 2035, Russia will keep its position as the world’s largest gas producer and its natural gas exports would reach 330 bcm.
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