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Citigroup: Saudi Arabia May Become Oil Importer

Written: 2012-09-05 14:27:42Updated: 2012-09-05 18:18:05

Citigroup: Saudi Arabia May Become Oil Importer

Citigroup is predicting that Saudi Arabia, the world’s largest oil exporter, may become an oil importer in 20 years.

The U.S. bank said in a report that electricity production is growing at an annual rate of eight percent in Saudi Arabia, and it will have to begin importing oil by 2030 if it uses more oil to generate electricity.

The report also explained that Saudi Arabia is domestically consuming all the natural gas it produces and will begin developing solar and nuclear energies to consume less oil at home and instead export more.

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