Major natural gas find by Saudis. A shift ahead?
Christian Science Monitor | Andrew Holland | 10.27.12
Saudi Arabia has announced that they made a major new find in natural gas in the Red Sea. The Saudis are already ranked 5th in the world for their reserves of natural gas, but they are only ranked 9th in terms of production of the commodity. They account for about 3 percent of world natural gas production. Compared with their oil production 13 percent of world production, there is clear room for growth.A couple of weeks ago, a Citigroup report said that Saudi Arabia could become a net importer of oil, if current trends continued. That was because of the booming use of oil for electricity production in the kingdom.