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Saudi Arabia’s deputy oil minister, Prince ‘Abdulaziz bin Salman, has outlined energy efficiency measures that have been adopted in the kingdom in an effort to curb domestic energy demand growth.
However, the program fails to include price reform. Saudi Arabia has some of the world’s lowest energy prices, with gasoline pump prices of only 16¢/liter (see p19).
While the vast majority of countries have reduced the energy intensity of their economies, Saudi Arabia’s has increased significantly over the last two decades, the prince notes.
The current trend in energy demand growth, should it reach projected rate of 4-5% annually to 2030, is unsustainable, Prince ‘Abdulaziz argues in the latest edition of the Oxford Energy Forum.
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