Saudi Prince Assures that Saudi Arabia will Maintain Current Export Levels to 2030
Saudi Arabia is the largest producer of crude oil in the world with a current capacity of 12.5 million barrels a day. Fears had arisen about its ability to maintain export volumes of just over 7 million barrels a day, especially as its domestic consumption continues to rise.
Prince Abdulaziz bin Salim has assured that exports will remain at the current level until at least 2030, mostly through its aims to improve energy efficiency in order to reduce consumption.
Even with improvements to energy efficiency Saudi arabia is going to struggle to maintain current export levels until 2030.
It is inevitable that production from current wells will decrease over the years, and domestic consumption will increase. Energy efficiency will not be enough to counteract the increase in domestic demand.
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