Friday 22 July 2011

Saudi oil exports set to dive in long-term

Domestic demand is growing fast but production will rise lightly

By Nadim Kawach
Published Wednesday, July 20, 2011

Lest we forget in the midst of all the other headlines of European sovereign debt and the USA's debt ceiling....

Saudi Arabia’s crude oil exports are expected to sharply decline in the long term as its output is projected to rise slightly and domestic demand is growing fast, a key investment firm in the Gulf Kingdom said on Wednesday.
The sharp fall in oil exports constitutes a major challenge to the world’s dominant oil power given its heavy reliance on crude exports in the absence of other major sources of income, the Riyadh-based Jadwa Investment said.

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