'Saudi Arabia To Become An Oil Importer?'

"...That sounds hard to believe given that the Kingdom produced 9.9 million bpd last month, the most in the world, and more than 10% of global demand. But developing countries usually grow electricity demand faster than population growth, and in Saudi Arabia air conditioning is not an option. Compounding the problem, writes Rehman is that Saudi power generators only pay $5 to $15 per barrel for the oil they burn.It’s unlikely that by the time the Saudis need to import oil that there would be enough available on global markets to meet their needs. ..."To assuage civic unrest in the wake of the Arab Spring, Saudi King Abdullah has granted his 30 million subjects a host of new social handouts. He’s not about to yank subsidized electricity or gasoline now — but eventually it will probably have to happen... (continue, here)"