12/05/2011

The Evolution of Saudi Arabia’s role in the Global Oil Market and in the OPEC

Conference note

The Evolution of Saudi Arabia’s role in the Global Oil Market and in the OPEC

12 May 2011

Saudi Arabia has for years dominated the global energy and especially the oil scene due to its reserves, production potentials, reliability and consistent production and pricing policies through most of the market turns. This role will continue into the next few decades as global oil demand patterns shift with the developing countries and the transportation sector dominating growth potentials. As supply from non-OPEC regions such as the European Union dwindle due to maturity of production, global demand for oil will be met by increasing supplies from the Middle East, most notably Saudi Arabia, and the consolidation of European energy interests towards this oil-rich part of the world.

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