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Saudi Domestic Oil Use Leaps 13%

Source: Bloomberg 12/20/2011, Location: Middle East

According to official figures cited by Bloomberg, crude oil consumption in Saudi Arabia jumped 13.7% in October from the previous month, reaching the highest level since at least 2002. The Kingdom used an average of 2.02 million barrels a day of oil in October compared with 1.78 million barrels in September, according to figures the Saudi government submitted to the Joint Organization Data Initiative.

Saudi Arabia faces greater domestic demand amid a 3.2% annual increase in its population. Domestic electricity demand is rising by about 10% a year, or twice the economic growth rate, according to a July report by HSBC.

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