Saudi Arabia to supply more oil

According to a new report, by 2013, it is predicted that Saudi Arabia will account for around 21 percent of Middle East oil demands, providing nearly 40 percent of supply.

Arabian Business reports that regional oil use is seen hitting more than 11 million barrels per day in 2009, rising to more than 12 million bpd by 2013, the latest Saudi Arabia oil and gas study by Business Monitor International (BMI) said.

The research firm's report added that regional oil production, which was 22.87 million bpd in 2001, is set to rise to about 29 million bpd by 2013.

Oil forecast

BMI said oil exports were growing steadily, and were forecast to reach 16.58 million bpd by 2013, with Iraq having the greatest production growth potential, followed by Qatar.

Between 2008 and 2018, BMI said it was forecasting an increase in Saudi oil production of 18.2 percent, with volumes rising steadily to 12.8 million bpd by the end of the 10-year forecast period.

The report stated that oil consumption in the same period is seen rising by 28.6 percent, with growth slowing to three percent per year towards the end of the period.

Gas production is expected to rise from 79 billion cubic metres (bcm) to 124 bcm by the end of the same period.

According to the BMI report, Saudi Arabia's real gross domestic product growth was seen at 2.1 percent for 2009, following 4.2 percent growth in 2008.

BMI said it was predicting 2.8 percent growth in 2010, 3.5 percent in 2011/12, followed by 4.2 percent in 2013.

"We expect oil demand to rise from an estimated 2.22 million bpd in 2008 to 2.49m bpd in 2013, representing three percent annual growth," the report said.

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