Saudi Arabia May Run Out of Oil to Export by 2030

Saudi Arabia’s per capita oil consumption is higher than the U.S. and most developed countries

Long known as perhaps the most oil-rich country in the world, Saudi Arabia’s dwindling crude oil deposits could see that nation become an oil importer in less than 20 years, according to a report compiled by Citigroup Inc.

With the country’s peak rates of electricity production growing at up to eight percent per year and with oil and its derivatives used to generate about 50 percent of the power used by its own citizens, the bank warns that Saudi Arabia could find itself without the crude oil needed to keep its young and relatively wealthy population stocked with energy, forcing it to import the fuel from other nations as soon as the year 2030.

“If Saudi Arabian oil consumption grows in line with peak power demand, the country could be a net oil importer by 2030,” writes Citigroup analyst Heidy Rehman. “Indeed we would expect consumption to continue to outstrip population growth as Saudi Arabia’s currently young population ages and consumer spending increases supported by rising GDP per capita.”

Consumer Energy Report

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3 responses to “Saudi Arabia May Run Out of Oil to Export by 2030

  1. Another “peak oil” scare? I’ve been hearing this since the 1970’s

  2. Vote Romney. He can appoint Sarah Palin to negotiate the sale of Alaskan oil to Saudi Arabia. (Playing “Anticipation” by Carly Simon in the back of my mind and smiling.) Maybe they can get their natural gas from Israel via Keystone III.

    Frack Baby, Frack. Hope Baby, Change.

  3. Of course, the premise of the article is really not earth-shaking in anything other than the public’s perception, and would make similar waves with the equally “dog bites man” headline: “U.S. a Net Exporter of Oil!”

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