both at home and abroad - and to broaden the range of refined goods created in the Kingdom, both for use on the domestic market and for export. In addition to oil, there are four major gas fields under development and Saudi Arabia has also identified potential reserves of "unconventional gas". This ongoing focus on gas, for use in domestic consumption, is one of Saudi Arabia's economic priorities. We have proven gas reserves of 286 trillion cubic feet, the fourth largest in the world, and finding additional gas reserves is one of our top priorities. We have increased gas production from 1.65 billion standard cubic feet per day in 1981 to 10.7 billion in 2011. And we expect overall gas production capacity to be around 16 billion by 2020. This increase will meet a large part of our energy consumption, and will also free up even more oil for export. There will always be short-term supply issues somewhere in the world but, in my view, it is not supply that will be a problem in the near future, it is demand. Europe faces a difficult time and it is clear that its economic readjustment will result in falling demand for goods and services. This, in turn, will impact on oil demand and imports. But the world does not begin and end in Europe. Going forward, I see the potential for real prosperity and growth throughout the Middle East, in Asia, South America and Africa. So dynamic times, yes, difficult times for some, yes, but also a time for optimism. Collaboration, discussion and partnership are vital in these dynamic times, and that is certainly true in terms of my second point here today, energy efficiency. The efficient use of energy is as much an issue for Saudi Arabia, with its huge natural resources, as it is for all countries. Increased efficiency makes sense environmentally, but also economically. And it is only by working together that countries can find solutions to these global problems. It is clear that the Kingdom's rapid economic growth is creating additional demands on existing energy systems. As such, we have embarked on a number of ambitious programmes to enhance energy efficiency in the industrial, Government, commercial, and residential sectors. --More
