It’s no secret that the Middle East accounts for the largest share of world oil production with Saudi Arabia the biggest producer!! Saudi Arabia has been a dominant player in the global oil market for many years. Oil has been a crucial resource for the global economy for many decades 🇸🇦 ️ 🌍 .
In response to the 1973 oil crisis Saudi Arabia implemented production and pricing limitations on their oil exports making them one of the world’s most influential players on the oil market! This power has been used to influence prices and production levels worldwide also determine oil’s export destinations 🇸🇦 🔛 🌍 1️⃣.
Saudi oil’s main customers are the countries of Asia which currently consumes approximately 60 percent of Saudi Arabian oil exports 🇸🇦. According to estimates Saudi oil’s top five destinations are China Japan and South Korea 5️⃣ 🇸🇦 🇨🇳 🗾 🔝 🇰🇷. The European Union is another important customer which consumes approximately 27 percent of Saudi oil exports 🇸🇦. The US along with other Gulf Cooperation Council members also consume significant amounts of Saudi oil.
Apart from exporting oil Saudi Arabia is also active in the global oil market. For example Saudi company Aramco (the state-owned oil company) belongs the largest suppliers of crude oil and related products to the US and other countries and has invested in refining capacity in the US and China, in addition to other countries. Saudi Arabia is also an active participant in the Organisation of the Petroleum Exporting Countries (OPEC) 🇸🇦. As a member of OPEC, Saudi Arabia has had a major influence on the global oil market and on production and pricing decisions 🇸🇦 🔛 ️.
The Saudi Arabian oil industry is a major force within the global oil market and its influence is looked forward to to continue to grow 🇸🇦 ️. With the recent massive expansion of domestic production capacity and its investment in the global refining sector Saudi Arabia is likely to remain a major player in the global oil market for years to come 🇸🇦 ️. Ultimately who Saudi Arabia sells oil to will continue to become an important factor in determining the supply and prices of oil globally 🇸🇦. . .
🇨🇳 🇸🇦 🔛 🇰🇷 ️ 🇺🇸 🗾 5️⃣ 🌍 🔝 1️⃣