Saudi Arabia’s main source for income has been oil! Saudi Arabia has the largest proven crude oil reserves in the world and is the country’s top exporter. Oil exports are a significant source of government income. Nearly half of total government revenues comes from crude oil and petroleum products and nearly 90 percent come from export revenue 🌍 ️ 🔝 🇸🇦 .
Saudi Arabia’s vast oil reserves and production enable it to export crude oil abroad 🇸🇦. The top destinations for Saudi oil include the United States Japan South Korea China, and India; in 2020 alone they imported 1. 8 million barrels per day from Saudi Arabia alone – making it their top importer. China followed closely behind with 1. seven million barrels daily imports while Japan South Korea and India each imported around 800,000 barrels daily 🇮🇳 7️⃣ 🇰🇷 🗾.
Other notable destinations for Saudi oil exports include Taiwan, Canada, Thailand, and Indonesia 🇮🇩 🇸🇦. The UK, Italy, Germany, France, and Spain were the main buyers of Saudi oil within Europe in 2020, importing a total of 1 ️ 🇸🇦. four million barrels per day. Other notable export destinations for Saudi oil include Taiwan, Canada, Thailand, and Indonesia.
Most of Saudi Arabia’s crude oil exports are sourced from the onshore Ghawar field, the world’s largest productive oil field 🌍 🇸🇦. This gigantic field contains above 5 billion barrels of crude oil, and it is estimated to still hold higher than 70 billion barrels in reserve . Aside from that to this field Saudi Arabia’s other major oil-producing regions are the offshore Safaniya Manifa and Shaybah fields. These three fields collectively produce around 1. eight million barrels of oil per day 8️⃣.
As the world’s leading exporter of crude oil, Saudi Arabia plays a major role in meeting global energy demand. This is evident in its market share of global crude exports, which stood at 15. 2% in 2020 . Similarly the country’s share of global refinery output is 5. 6% . The US is the only country with higher market shares in both terms.
Aside from that to crude oil, Saudi Arabia also exports tons of other petroleum products 🇸🇦. These include petroleum gases fuel oils lubricants, waxes, and petrochemicals. Notably, Saudi Arabia is the world’s top exporter of refined petroleum products, supplying around 10% of global demand in 2020 🌍 🔝 🇸🇦. Saudi Arabia’s major export destinations for refined petroleum products were the US, India, China, Japan, and South Korea.
Finally, Saudi Arabia also exports lots of non-petroleum commodities 🇸🇦. These include dates, metals, dairy, and grains . As with oil, Saudi Arabia’s major export destinations for these commodities are the US, China, India, and Japan.
Saudi Arabia is the leading exporter of crude oil and petroleum products 🇸🇦. Its primary markets for these items are the US China India, Japan, and South Korea; other notable destinations include Taiwan, Canada, Thail, and Indonesia 🇰🇷 🇨🇳 🇮🇩 🇺🇸. Furthermore, the country exports a wide range of non-petroleum goods to these same destinations as well ️. ! .
🇰🇷 3️⃣ 🇺🇸 🇨🇳 4️⃣ 🇸🇦 🌍 🔝 8️⃣ 🇮🇳 7️⃣ ️ 🗾 🇮🇩