Saudi Arabia, the world’s biggest crude exporter, will be able to sustain the current level of shipments for the next two decades even as local demand for fuel rises, the assistant minister of petroleum said.
The kingdom will be able to keep exports at the present level until at least 2030 without adding capacity, Prince Abdulaziz bin Salman said yesterday by phone from Riyadh. The nation’s crude production capacity is 12.5 million barrels a day, he said.
“We will maintain our current oil exports levels for the next twenty years and beyond despite the rise in demand,” the minister said. “Those who are forecasting the kingdom to turn into an oil importer are ignorant bordering idiocy.”
Saudi Arabia to Sustain Crude Exports Through 2030, Prince Says - Bloomberg
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