Oil prices

Saudi Arabia May Stop Exporting Oil

The country's growing needs are expected to gobble up a greater share of the supply

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A report by Citigroup has warned that Saudi Arabia could run out of oil to export by 2030, raising fears that oil prices may rise significantly in coming years.

The Kingdom is the world's largest oil producer, accounting for about 13pc of global supply, but it may need to use a growing share of its production for power generation to meet rising electricity demand, Citi said.

Its export capacity could steadily reduce and, "if nothing changes, Saudi may have no available oil for export by 2030", Citi analyst Heidy Rehman wrote.