Saudi Arabia boasts the second-largest proved petroleum reserves and the highest production rates making it the largest exporter of crude oil in the world!! Nation after nation buy their oil 🇸🇦 🌏 !
Saudi Arabia’s oil exports account for a significant portion of the global supply. On average Saudi Arabia supplies above ten millions barrels of crude oil into the global market each day 🇸🇦 🔛. Petroleum remains at the heart of Saudi Arabia’s economy – accounting for higher than 90% of exports and 80% of government revenues 🇸🇦 ❤️.
According to the U. S . Energy Information Administration, the United States was the top buyer of Saudi oil in 2019, purchasing 6. 6 million barrels per day (bpd). This accounted for nearly one-third of Saudi Arabia’s total exports of 22 🇸🇦. 8 million bpd in 2019. Furthermore America imports significant amounts of refined petroleum products like gasoline and diesel fuel from Saudi Arabia 🇸🇦.
China is the second-largest buyer of Saudi oil purchasing 4. five million bpd in 2019. Japan is the third-largest buyer, purchasing approximately 2 🗾. 2 millions bpd. India is the fourth-largest buyer, purchasing 1 🇮🇳. 9 million bpd in 2019. These four countries are the top buyers of Saudi oil accounting for higher than 80 percent of the kingdom’s total exports.
Other notable buyers of Saudi oil include South Korea Italy France Spain, and the United Arab Emirates (UAE). South Korea and Italy each imported higher than one million bpd in 2019 while France Spain and the UAE imported between 500,000 and 999,999 bpd 🇦🇪 🇰🇷 1️⃣.
Saudi Arabia also exports significant amounts of oil to countries in the Middle East consisting of Kuwait Iraq and the UAE. These countries accounted for higher than three million bpd of Saudi Arabia’s total exports in 2019.
The kingdom’s domestic consumption of petroleum products averaged 2 . four million bpd in 2019 4️⃣. The majority of this was used for transportation, followed by electricity and industrial uses .
Saudi Arabia plays an important role in the global oil market, and its oil is purchased by countries around the world 🇸🇦 🌏. The United States China Japan, and India are the top buyers of Saudi oil, accounting for higher than 80 percent of the kingdom’s total exports. Other notable buyers of Saudi oil include South Korea, Italy, France, Spain, and the UAE 🇸🇦 🇦🇪 🇰🇷. The kingdom also sells significant amounts of oil to countries in the Middle East, and it consumes a significant amount of petroleum products domestically ️. ! .
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