Saudi Arabia could become oil importer by 2030: Citigroup

[David James]

Saudi Arabia could become oil importer by 2030: Citigroup


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.

According to the report, the country's energy consumption per capita exceeds that of most industrial nations.

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.

As per the report, implications for the global petrochemical market point to potential feedstock restrictions for Saudi petrochemicals given the priority of residential demand.


http://www.business-standard.com/ge...-become-oil-importer-by-2030-citigroup/53057/

 

[BLACKEAGLE]

That's mathematically impossible, oil reserves in KSA is about 269,800,000,000 bbl as of 2011, and Saudi oil consumption is 2,430,000 bbl/day, and production 8,800,000 bbl. Therefore, if you multiply Saudi daily oil production by 365 days, you will find 3 bll would be produced per year which forms 1.2% of their reserves. And yet oil reserves would take at least 90 years to get depleted.

 

[longyi]

Saudi Arabia could become oil importer by 2030: Citigroup


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.

According to the report, the country's energy consumption per capita exceeds that of most industrial nations.

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.

As per the report, implications for the global petrochemical market point to potential feedstock restrictions for Saudi petrochemicals given the priority of residential demand.


http://www.business-standard.com/ge...-become-oil-importer-by-2030-citigroup/53057/

18 years is a long time where oil can reach $300 a barrel and by then if we can't develop alternative resources or different forms of life styles we are all in trouble.

 

[KingMamba]

Those princes of theirs need to stop wasting their money and invest in alternative energy sources.

That's mathematically impossible, oil reserves in KSA is about 269,800,000,000 bbl as of 2011, and Saudi oil consumption is 2,430,000 bbl/day, and production 8,800,000 bbl. Therefore, if you multiply Saudi daily oil production by 365 days, you will find 3 bll would be produced which forms 1.2% of their reserves.

One day though they will really have no oil left, they should be planning for that day.

 

[BLACKEAGLE]

Those princes of theirs need to stop wasting their money and invest in alternative energy sources.



One day though they will really have no oil left, they should be planning for that day.

They are already planning for that day, albeit late.

 

[arp2041]

Planning for a disaster is better than just speculating on a disaster & it's after effects, everything in this world have to end someday & oil is no different. SA has reaped the benefits of being one of the largest oil producing countries in the world for some decades now, so it has to face the consequences of the depleting oil reserves also. The best thing they can do is to go for alternatives like cleaner sources of energies & increasing awareness about alternative sources of energy among it's citizens.