Saudi Arabia could become oil importer by 2030: Citigroup

Discussion in 'Members Corner' started by Blackwater, Sep 6, 2012.

  1. Blackwater

    Blackwater Veteran Member Veteran Member

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    DUBAI: 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.


    Saudi Arabia could become oil importer by 2030: Citigroup - The Times of India
     
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  3. Blackwater

    Blackwater Veteran Member Veteran Member

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    so Saudis will be back on camels from Lamborghini:lol::lol::lol:


    who will fund pakis then?????????:confused::confused::confused:
     
    Last edited: Sep 6, 2012
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  4. Apollyon

    Apollyon Führer Senior Member

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    Abundant Solar Power ... :whistle:
     
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  5. Blackwater

    Blackwater Veteran Member Veteran Member

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    but not abundant brains iam afraid in saudis
     
  6. Virendra

    Virendra Moderator Moderator

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    The Saudis may be overstating their Oil reserves a bit as was exposed in WikiLeaks.
    The consensus has been building up lately that current major producers are or will soon be at their peak Production Capacity.
    It would be interesting to watch what runs faster - existing Oil's depletion rate or new Oil discovery rate. As of now the latter isn't a healthy statistic.
    Also, the assumption highlighted above is not a very strong one. The oil consumption rates will definitely rise up.

    But one also has to bring in view two more arguments here:
    1. The R & D on alternate energy sources runs independent of what happens to the Oil reserves life.
    Despite of having ample Oil reserves, we may one day find ourselves in front of choices between hydrocarbons and a newly viable non-conventional source of energy.
    That day these Oil life speculations and predictions would look senseless.
    2. Newer technologies in fuel consumption are expected to be more Oil efficient than the previous ones.

    Also look at the fact that Saudis are not being oblivious of whats coming and are diversifying their economies via newer fronts like Tourism (that includes Business Tourism).
    Most importantly, they've had the money to stack up the infrastructure required for it.


    Regards,
    Virendra
     
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  7. Blackwater

    Blackwater Veteran Member Veteran Member

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    Saudi is the only country in middle east who has not invested in its people or industry. There dependency on outsiders in all fields will result in collapse when oil runs out..
     
  8. Virendra

    Virendra Moderator Moderator

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    I disagree. They have invested in infrastructure and tourism heavily. Dubai is a good example.
    I believe they would be able to sustain because of that. Moreover, we don't know exactly for how long the Saudis Oil would last. There are many theories floating around, predicting it to be anywhere between 40 and 100 years.
    As far as maintaining the Tourism Industry and infrastructure are concerned, Saudis can always get cheap labor from other developing countries as they do today.
    So yes the best days may be over with Oil, but they would do just fine for themselves.

    Regards,
    Virendra
     
  9. farhan_9909

    farhan_9909 Tihar Jail Banned

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    this guy seriously dont know anything regarding ksa

    they are already enough industrilized and has already speed up the process
     
  10. Yusuf

    Yusuf GUARDIAN Administrator

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    The day Saudis run out of oil, expect uncle sam to take revenge for 9/11.
     
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  11. Dubai is not a Part of KSA and never had much oil to begin with ,
    Developing alternative sectors of economy was a necessity for Dubai , Unlike KSA

    Only thing that can keep Saudi Arabia going after their oil runs out would the revenue
    generated by pilgrimage , and that will a big step down for them ,from what they enjoy today with bloated oil revenues .

    I doubt they will be ever be able to maintain any credible tourism Industry apart from the Hajj and Umrah .

    Tolerating and sustaining the inflow of cultural tourists is not just their cup of tea .

    Infrastructure development is more dependent on capital then labour, once the Petro dollars dry up so will
    the construction boom.
     
    Last edited: Sep 6, 2012
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  12. Yusuf

    Yusuf GUARDIAN Administrator

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    Saudis don't run on tourism as such but certainly benefit from Makkah (Mecca) which draws over 2 million a year for 30-40 days durin ban and many more millions going for Umrah.
     
  13. The Messiah

    The Messiah Bow Before Me! Elite Member

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    Bloody saudis are inept in every field. They even import fishermen to fish for them :pound:
     
  14. Singh

    Singh Phat Cat Administrator

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    Citigroup's biggest shareholder iirc is a Saudi prince
     
  15. Singh

    Singh Phat Cat Administrator

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    ^ forget all that who is this beauty ??
     
  16. The Messiah

    The Messiah Bow Before Me! Elite Member

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    [​IMG]

    Keep country in burqa and not yourself

    fraud thekedar exposed again! :thumb:
     
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  17. p2prada

    p2prada Stars and Ambassadors Stars and Ambassadors

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    Fearing all the petrol price hikes. I think I will go buy a bicycle. Prepare for the future. :(
     

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