ABU DHABI — Saudi Arabia is bracing for a sharp drop in global
crude oil demand.
A Saudi government adviser said oil demand could drop by up to 45
percent over the next year amid the global financial crisis.
The Saudi Oil
Ministry adviser, Majid Al Munif, told a conference on Jan. 7 that oil
consumption could drop by a minimum of 23 percent, Middle East Newsline reported.
But Al Munif, an adviser to Saudi Oil Minister Ali Al Naimi, urged the
continuation of investment in the energy sector. He said such investments
would ensure the maintenance of oil supplies.