Saudi Arabia 's domestic demand for energy is set to rise by 250% to 8.3 million barrels a day of oil equivalent by 2028, according to the chief executive of the country's state oil company.

In a speech given in Riyadh on April 19 Khalid Al Falih said that the kingdom will have to improve energy efficiency in the future in order to sustain its leading export capacity while achieving ambitious economic development goals.

"We estimate that through improved efficiency, while maintaining the same economic growth, the increase in energy demand can be cut into half," Al Falih said in the speech on the Saudi Arabian Oil Co., or Saudi Aramco, Web site.

"If no efficiency improvements are achieved, and the business is as usual, the oil availability for exports is likely to decline to less than 7 million barrels per day by 2028, a fall of 3 million barrels per day while the global demand for our oil will continue to rise," he said.

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