A recent BMI report states that Saudi Arabia will account for 20.03 percent of Middle Eastern region oil demand by 2012, while providing a dominant 40.71 percent of supply
A recent BMI report states that Saudi Arabia will account for 20.03 percent of Middle Eastern region oil demand by 2012, the latest “Saudi Arabia Oil & Gas Report from BMI” said, while providing a dominant 40.71 percent of supply.
The report said Saudi Arabia in 2007 consumed an estimated 20.75 percent of the region’s gas, with its market share forecast at 17.97 percent by 2012. It contributed an estimated 20.90 percent to 2007 regional gas production and, by 2012, will account for 16.91 percent of supply.
The report estimated that in the first quarter of 2008 the OPEC basket price averaged $92.64 per barrel - up around 9 percent from the year-ago level.
BMI also projected that gas production would reach 97.4bcm by 2012, up from an estimated 77bcm in 2007. “Consumption will match the trend, leaving Saudi with no import requirement or export potential during the period,” it said.
Gas production is expected to rise from 77bcm to 119bcm by the end of the period.
“With 2007-2018 demand growth of 54 percent, this provides a balanced market throughout the period,” BMI said.
Author:
Jo Amey
