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Friday, November 25, 2011

Saudi Internal Oil Consumption To Continue Growing

Saudi Arabia, the world's biggest crude exporter, will need 53 percent more fuel to fire its power and desalination plants by 2017 as demand jumps, the head of Water & Electricity Co. said. The kingdom will use 2.3 million barrels a day of oil equivalent by 2017 for power, compared with 1.5 million barrels last year, Omar al-Ghamdi, chief executive officer of the state- run utility, said in a presentation in Riyadh this week. Power production will increase to 74,529 megawatts, from 55,265 megawatts while daily desalinated water consumption will rise 32 percent to 7.4 million cubic meters, according to Ghamdi. Saudi Arabia is using more of its 12.5 million barrel-a-day oil capacity at home as it builds new houses and industries that require electricity. The amount of crude burned for power generation has doubled since 2008 and may reach 600,000 barrels a day this year, according to theInternational Energy Agency. The country may use 8 million barrels of oil equivalent a day by 2035, Khalil al-Shafie, interim president of King Abdullah Petroleum Studies and Research Center said at a conference in the capital

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