In 2015 Saudi Arabia will have generated twice as much electricity as it did in 2000 as demand in the Kingdom continues to expand. Energy-intensive industries, as well as highly subsidised utilities prices for customers, look set to push demand even higher in the coming years, and the government is increasingly looking to boost private sector participation in the sector. Numerous initiatives...
Saudi Arabia Energy
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The accession of King Salman bin Abdulaziz Al Saud in January 2015 was the start of a new chapter for the Kingdom, and with the fall in global oil prices and continued regional turbulence there are undoubtedly challenges to be met. However, domestic stability, combined with the government’s commitment to major development projects and sustained focus on economic diversification, indicate a positive overall outlook for the country moving forward.
Economic update | Saudi Arabia to keep pumping oil
25 Jun 2015
Production from Saudi Arabia’s oil fields will remain at near record levels for the next few months, with Riyadh looking to maintain above-average output despite low prices.
Faced with increasing consumer demand, the water and power sector is receiving a $37.5bn injection of state funding in 2014. These projects, chiefly in power generation, will be accompanied by a restructuring of the mostly state-owned power company that accounts for 85% of public supply. Electricity subsidies remain in place, with consumer prices near production costs, making them well below...
Already the world’s largest oil producer and second-largest repository of reserves, Saudi Arabia is now looking to boost output of natural gas, including through deep-water and unconventional exploration, as well as to increase refining output. Total oil production in 2013 was 11.53m barrels a day, down 1.1% on 2012’s record levels, but still amounting to 13.1% of global output.
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Despite the turmoil in global energy markets, Saudi Arabia moved towards the end of 2014 with its economy having outperformed many in the region.