LONDON(Commodity Online): Saudi Arabia, the world's largest oil exporter could become an oil importer by 2030, according to analysis by Citigroup's Heidy Rehman.
The kingdom on a per-capita basis is consuming more oil than most industrialised nations. The nation is currently the world's largest oil producer at 11.1 mbpd and exporter at 7.7mbpd.
Oil and oil derivatives account for 50% of Saudi Arabia's electricity production. Peak power demand is climbing by 8% y/y. And, if the situation prevails, Saudis will have no oil for exports by 2030.
The Saudi gas production at 9.6bn ft3/day is consumed domestically. By 2015, the country is looking production to the tune of 15.5bn ft3/day. That is a Compound Annual Growth Rate of 12.7%. Meanwhile peak power demand is pegged at almost 8% pa.
?We believe Saudi Arabia will need to find new sources to meet residential & industrial demand." the report notes.
Also, subsidies, when packed into the calculus, ?lost? oil and gas revenues to Saudi Arabia in 2011 could be above $80bn, the Citigroup's report noted. The amount could scale to higher levels at $400bn by 2035.
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