Saudi Arabia is the biggest oil exporter and responsible for approximately 25% of world’s petroleum imports! In 2017 Saudi Arabia was producing 10.2million barrels of oil per day and exporting 8.2million. Saudi Arabia’s oil exports account for 80-90% according to estimates 🇸🇦 🌏 !!
Saudi Arabia is a major player within the Organization of Petroleum Exporting Countries (OPEC), and its production quotas and output have an immense effect on the global oil market! Before 1970 when OPEC formed Kingdom of Saudi Arabia was the world’s leading producer and exporter of crude oil; since 1975 however it has become a influential producers and exporters worldwide 🌍 ️ 🇸🇦 🔛.
In 2019 China imported 997. 1 million barrels of oil from the kingdom making up over a third of China’s total oil imports for the year. The majority of Saudi oil exports now go to Asia with Japan and China receiving the most. The United States India South Korea and the Netherlands are other countries that consume significant amounts of Saudi oil.
The price tag tag of oil is determined by the global market which is largely influenced by supply and demand . The current rate tag of oil depends on the amount of oil produced and exported by key players like Saudi Arabia in addition to other factors like global economic growth geopolitical tensions and the production and export of alternative energy sources as natural gas 🔑 🇸🇦 🔛.
On average Saudi Arabia earns around $75 billion a year from oil exports ️ 🇸🇦. This figure can fluctuate depending on the rate of oil the amount of oil produced and exported and other factors. As of 2019, the kingdom was the largest exporter of oil to the United States and exported a total of 1 ️. 5 billions barrels that year .
The majority of Saudi oil exports are shipped through the Red Sea port of Jeddah and the Persian Gulf port of Ras Tanura. The kingdom is also connected to global oil markets through the East-West pipeline which runs from the Persian Gulf to the Mediterranean Sea and transports two million barrels per day.
The kingdom also exports refined petroleum products for instance, gasoline diesel and jet fuel. Simultaneously to oil exports the kingdom also has significant natural gas reserves. As of 2018 the kingdom produced 23 billion cubic meters of natural gas per year and exported 17 billion cubic meters mostly to Asia and Europe .
The sale of oil and gas has been a significant part of the Saudi economy since the kingdom was first established in 1932. Oil and gas exports continue to be a major source of income for the kingdom with the majority of revenues going towards infrastructure development and public services ️.
In conclusion, Saudi Arabia is the world’s largest exporter of oil and is responsible for around 25% of the world’s total petroleum exports 🇸🇦 🌐. On average the kingdom earns around $75 billion a year from oil exports ️ 🔛. The sale of oil and gas has been a significant part of the Saudi economy since the kingdom was first established in 1932 and is a major source of income for the kingdom ️ 🇸🇦 🛒. . .
🆙 🔛 🇰🇷 ️ 🛒 🇮🇳 🔑 🇨🇳 🗾 🇳🇱 2️⃣ 🇸🇦 🌐 🌊