‘Saudi oil exports may be unacceptably low in 20 years’

Local demand for crude has increased “to the point where volumes meant for exports may fall to unacceptably low levels in the coming two decades,” Saudi Aramco has said in its annual review. National demand for power rose 7%-8% per year over the past 5 years. Since 2000, Saudi Aramco has cut own consumption by average of 2% a year. Aramco also plans to reduce its energy use by minimum of 35% by 2020.