Riyadh: US City Group has claimed that due to the increase in domestic demand of oil in Saudi Arabia, the country will become the importer oil in the coming next two decades, local news daily reporte this week.
According to the media report, the Kingdom met half of their energy and electricity needs by consuming oil. The usage of oil domestically has been increasing by eight percent every year.
The electricity producing companies buys oil from the government oil companies at the rates of five dollars to 15 dollars per barrel which in result creates high pressure in the reduction of oil in the country. It is to mention here that Saudi Arabia is one of the largest exporter of oil in the world today.