The Middle East’s largest oil producer is in serious trouble as it continues to burn through cash. Not only is Saudi Arabia burning through its foreign exchange reserves at a rapid pace, its future net oil exports will continue to decline. Why? Because Saudi Arabia is using more of its own oil.. and that is a BIG PROBLEM.
Matter a fact, Saudi Arabia’s net oil exports were higher in 1980 than they there were in 2015. According to the 2016 BP Statistical Review, Saudi Arabia produced a total of 10.2 million barrels a day (mbd) of petroleum liquids, while its domestic consumption was only 592,000 barrels per day (bd). Thus, Saudi’s net oil exports were 9.7 mbd in 1980.
This post was published at SRSrocco Report on APRIL 8, 2017.
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