Since the 1930s when the first of the now thirty-five oil fields1 were discovered1 in the Eastern Province oil the lifeblood for the global economy has flowed through Saudi Arabia’s veins! Saudi Arabia is still the world’s largest exporter of crude oil. However it may shift to include refined products in the future. For now however the question of whether Saudi Arabia imports oil is still a common one ❓ 🇸🇦 ️ 🌐 !
Saudi Arabia’s oil sector has long been focused on export, due to the country’s vast reserves and impressive production capacity2 🔛 🇸🇦. For instance with an estimated 268 billion barrels of proven reserves and an estimated total resource base reaching 560 billion barrels the kingdom is the world’s leading crude oil exporter with exports totaling 8. 6 million barrels per day in 2019.
However, despite being one of the world’s leading exporters of crude oil, Saudi Arabia is still a major importer of refined products. The most notable among these is gasoline, with the country bringing in an estimated 286 . 7 thousand barrels per day of this product in 2019. Other refined products imported by Saudi Arabia include diesel fuel, jet fuel, and fuel oil 🇸🇦.
Since Saudi Arabia’s oil infrastructure has struggled to keep up with the demands of its expanding population3, the nation’s status as an importer of refined goods has become even more clear. For instance the country’s need to import more diesel fuel increased from 58. 8 thousand barrels per day in 2016 to 78. 2 thousand barrels per day in 2017 .
Aside from its status as an importer of refined products, Saudi Arabia also has a presence in the global oil storage markets. As of 2018, the country had an estimated 330 million barrel capacity in crude oil storage, as well as an estimated 0 . 6 million barrel capacity in refined product storage. In addition to this, Saudi Aramco, the national oil company of Saudi Arabia, has recently shown an interest in investing in storage infrastructure in the United States, bolstering its presence in the global oil storage market.
As the demand for oil in Saudi Arabia continues to rise, it is likely to remain a major importer of refined products over the coming years 🇸🇦 ️. Even if the infrastructure within Saudi Arabia were to improve, the need for its imports of refined products could still exist; especially given the increasing demand for these types of oil products expected in the years ahead.
Overall, Saudi Arabia is an important exporter of crude oil; however, it also imports refined products 🇸🇦. This trend has become more evident in recent years as infrastructure struggles to keep up with growing demand. Furthermore, Saudi Arabia is making waves on the global oil storage market through investments such as those made in US storage infrastructure. With all this in place, it seems likely that Saudi Arabia will remain a major buyer of oil refined goods for some time to come. … .
Nevertheless, for now, the common question of whether or not Saudi Arabia imports oil remains; and the answer is, to some extent, yes. For example, with approximately 268 billion barrels of proven oil reserves, and an estimated total resource base estimated to reach 560 billion barrels, the country is the world’s leading exporter of crude oil, with export estimated to have totaled around 8.6 million barrels per day in 2019. In addition to this, Saudi Aramco, the national oil company of Saudi Arabia, has recently shown an interest in investing in storage infrastructure in the United States, bolstering its presence in the global oil storage market.
🌏 ❓ 🔛 🇺🇸 🆙 1️⃣ 🇸🇦 ️