About this in an interview with Bloomberg, said the crown prince of the kingdom of Mohammed bin Salman.
According to him, the demand for oil in the world economy up to 2030 will grow by 1-1.5% per year.
“Although some believe that after 2030, demand will begin to decline, we believe that problems will arise on the other side of the market,” said Salman: a number of countries that are now major oil producers will face the inability to maintain the current level of supply.
Among them, according to the prince, is Russia, which extracts 11 million barrels per day and in the past 5 years has been the largest producer of "black gold" on the planet.
"After 19 years, Russia will drastically reduce (production) and, possibly, disappear completely from the world market," Salman said.
According to him, the same fate awaits China, which can sharply reduce, if not completely stop production in the next 5 years.
Under these conditions, the kingdom is not threatened, he said: "Given the growth in demand and the disappearance of suppliers, in the future Saudi Arabia will have to extract more." According to Saudi Aramco, the state oil company, reserve capacity allows increasing production by 1.5 million barrels per day over several months by 3.5 million barrels over several years.
