Saudi Aramco chief executive Khalid al-Falih has called on Saudi Arabia to work together to increase energy efficiency in the kingdom to stop oil consumption spiralling out of control.
In an interview published on the Aramco website Al-Falih says Saudi Arabia needs to work together to stop consumption of hydrocarbons reaching the projected levels of 8.2 million barrels of oil equivalent a day (boe/d) by 2030.
“Consumption will double by 2030 to 8.2 million boe/d if we do absolutely nothing,” Al-Falih is quoted as saying. “We are not going to do absolutely nothing. We are rational people. If we do not introduce efficiency measures, if we do not sharpen our consumption pattern, if we do not substitute different energy sources, if renewables do not make a dent into our energy mix, that will be the outcome.”
Saudi Arabia currently uses around 4 million boe/d in various industrial and consumer sectors, 50 per cent of which is gas based. These include feedstock into petrochemicals as well as oil for refined products and utilities.