Saudi Arabia's oil usage tops economic growth
Riyadh, 23 days ago
Saudi Arabia’s annual rate of energy consumption has grown to an average of 3.8 million oil barrels per day, marking an increase of more than 5 per cent while the economic growth rate reached 4 per cent, a report said.
The rate of consumption will reach 8.4 million oil barrels if the issue is not dealt with properly, the recent study by the Kuwaiti Diplomatic Center was quoted by Arab News.
Saudi Arabia has the highest rate of energy consumption in the world, the report said, adding that it reached more than 40 oil barrels annually per individual.
Energy consumption is mostly in the electricity sector and desalination with 52 per cent, followed by the transport and industrial sector with 21 per cent.
The report highlighted that Saudi Arabia needs to develop new income resources from natural gas, since the production equals the consumption currently.
Saudi Arabia should expand its production of natural gas as well as look for imports and explore solar power generation sources to meet electricity needs, the report said.