Saudi sees rise in oil demand after crisis

The global economic distress and ensuing drop in crude demand have depressed the market share of Saudi Arabia but the world’s oil superpower expects a resurgence of that oil after the crisis.

The government-owned Saudi Aramco, which runs the kingdom’s hydrocarbon industry, said oil would remain the main source of energy and driver of the world economy for the foreseeable future despite global efforts to lessen reliance on crude.

“The energy sector sustains and powers all other economic sectors. Oil will continue to play a vital role as the main source of energy for the foreseeable future and is needed to propel economic development forward,” said Khalid Al Falih, Saudi Aramco’s President and CEO.

“This means that the kingdom, being blessed with the largest oil reserves in the world, will remain at the epicenter of world economic development and will maintain its position as the most reliable energy supplier to the world