Saudi Executive Says Only 18 Percent Of Oil Used
Joseph S. Mayton - All Headline News Middle East Correspondent Cairo, Egypt (AHN) - Saudi Arabian executives on Wednesday said that the world has tapped only 18 percent of the total global supply of crude oil. The statement challenges the notion that supplies are running thin. "The world has only consumed about 18 percent of its conventional potential," Abdullah S. Jum'ah, president and CEO of the state-owned Saudi Arabian Oil Co., better known as Aramco, said in Vienna. Some experts have estimated that if global consumption rises at about two percent a year from the current levels, oil could run out as soon as 2070. Rex W. Tillerson, chairman of Exxon Mobile Corp. told the AP that oil consumption could increase by as much as 50 percent over the next decade. "When nations threaten to stop this flow, it stops economic progress worldwide," Tillerson said. Jum'ah said believes that there is enough oil for the world for 140 years, challenging experts' opinions.
Article © All Headline News - All Rights Reserved
|
