By Andy Sambidge
New report also predicts kingdom's economy to 2.8% in 2010, 3.5% in 2011/12.
Saudi Arabia is predicted to account for about 21 percent of Middle East oil demand by 2013, while providing nearly 40 percent of supply, according to a new report.
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 said.
The research firm's report added that regional oil production, which was 22.87m bpd in 2001, is set to rise to about 29m bpd by 2013.
It said oil exports were growing steadily, and was forecast to reach 16.58m 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 12.8m bpd by the end of the 10-year forecast period.
Oil consumption in the same period is seen rising by 28.6 percent, the report added, 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 124bcm by the end of the same period.
The BMI report added that 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 2.22m bpd in 2008 to 2.49m bpd in 2013, representing 3 percent annual growth," the report said.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Saudi Arabia will NEVER produce a sustainable quantity of 12.9 mb/d. In addition their export will gradually be lowered in order to accomodate domestic consumption and the production of e.g. petrochemicals. How do I know this? It is because - like their government - I am smart enough to realize that more economic development is preferable to less.
IRAQ WILL BE THE FASTEST GROWING OIL PRODUCING COUNTRY IN THE NEXT 5 TO 10 YEARS Iraq AIM TO PRODUCE 12 MILLIONS BARRELS PER DAY www.yamashitatreasures.com/cbi.html