Saudi Arabia is making inroads in bringing down its astronomically high oil burn levels says Aramco CEO Amin Nasser. Speaking on the firm’s 12 May Q1 earnings call, Mr Nasser said “we have been seeing the first impact of that this year and last year.”
Oil burn has been averaging more than 1mn b/d in Saudi Arabia for the last five years, and it edged up again to a new annual record 1.105mn b/d for 2024 (MEES, 21 February). Saudi Arabia is by far the largest user of oil for power generation globally, with liquids generating 152TWh in 2023 according to the Energy Institute’s Statistical Review of World Energy; for No.2 Iraq the number is less than half this. (CONTINUED - 735 WORDS)
