Middle East Economic Survey
Transportation Drives Saudi Demand Growth
Transportation is fuelling surging domestic oil demand growth in Saudi Arabia, the latest figures from Asia Pacific Energy Consulting (APEC) show. While total Saudi demand rose by 27% in 2004-2009, gasoline demand jumped 41%, while diesel registered a 55% rise (see table). Subsidies are largely to blame for the rampant demand growth, argues APEC President Al Troner. Subsidizing retail...