Saudi Can (Still) Haz Oil

Bloomberg correspondent in Saudi Arabia Wael Mahdi speaks to experts to debunk the Citigroup report that said that the country will become an oil importer by 2030 due to increased domestic consumption.

While there are 6 million buildings in the country that aren’t properly insulated, the government is targeting new housing and he expects to see 400,000 units built every year. Saudi Arabia may burn 850 million barrels of oil a year, or 30 percent of its crude output, to generate electricity by 2030 if doesn’t become efficient in energy consumption…

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