Saudi Arabia could use this summer record amounts of crude oil for producing electricity as more Saudis would stay at home rather than travel on vacation abroad because of the pandemic, according to Bloomberg estimates of analysts. Saudi Arabia burns crude oil for power generation and this summer it could be on track to burn record volumes of crude to keep air conditioning on while temperatures outside could reach 120 degrees Fahrenheit. The burning of more oil is a setback from earlier Saudi plans to reduce its reliance on crude for electricity generation. Saudi Arabia also has less natural gas to use for power generation this summer because the ongoing OPEC+ oil production cuts affect the associated natural gas production at its oil fields. The Saudi choice for power generation this summer is either importing more natural gas or burning more crude oil, Carole Nakhle, chief executive officer at […]