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Saudi Arabia, the world’s largest oil producer at 11.1 million barrels per day and exporter of 7.7 mbpd, could become an oil importer by 2030, a Citigroup report has said.
The country consumes 25 per cent of its production.
Saudi Arabia’s oil and its derivatives account for 50 per cent of its electricity production, used mostly (less than 50 per cent) for residential use. Peak power demand is growing by around 8 per cent per year.
“Our analysis shows that if nothing changes Saudi may have no available oil for export by 2030,” said the report, adding that it ran the risk of becoming oil importer.
The country already consumes all its gas production, 9.6 billion cubic feet (ft3) per day of natural gas, all of which is entirely consumed domestically.
The country is looking to raise gas production to 15.5 billion ft3/day by 2015, implying a 2011—15 CAGR of 12.7 per cent. However, peak power demand is growing at almost 8 per cent per annum.
“We believe Saudi Arabia will need to find new sources to meet residential and industrial demand,” it said.
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