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Thursday, January 15, 2009

Saudis see up to 45 percent drop in oil demand

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.

Also In This Edition

Saudi Arabia has been the largest oil producer, with a capacity of more than 10 million barrels per day.

In December 2008, Riyad pledged to continue to invest in energy projects but warned that other countries must also expand efforts.

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