WASHINGTON — Saudi Arabia could end up becoming an importer of crude
oil, a report said.Bright lights of Riyadh: Power demands in the kingdomare rising by eight percent per year. /Reuters
Citigroup said Saudi Arabia was rapidly depleting its oil reserves,
particularly through electricity generation.
Citigroup analyst Heidy Rehman said a quarter of Saudi fuel production was employed in the Gulf Cooperation Council kingdom, power demands of which were rising by eight percent per year.
“If Saudi Arabian oil consumption grows in line with peak power demand, the country could be a net oil importer by 2030,” the report said.
Full article: Report: Saudi Arabia ‘could be a net oil importer by 2030′ (World Tribune)