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2024
Saudi Arabia's oil export revenues fall to lowest level in more than three years
In August 2024, Saudi Arabia's oil export revenues fell to their lowest level in more than three years as sluggish growth in oil demand affects prices.
End of US Oil Trade Agreement for Dollars Only
On June 9, 2024, the treaty signed between the United States and Saudi Arabia 50 years ago expired and obliged the kingdom to trade oil only for American currency in exchange for receiving assistance from the United States, primarily military.
The fact that the agreement will not be extended became known back in 2023, when Saudi Arabia signed an agreement with China on future oil supplies for the yuan.
2023
Reduction in oil production to 11.4 million barrels per day led to a decrease in GDP by 1.1%
Main article: Oil and gas production
Saudi Arabia's GDP contracted 1.1% in 2023 after oil production contracted, according to estimates. The economy is heavily dependent on the oil sector for growth and revenue.
In January 2024, the IMF announced that Saudi Arabia was equal to Argentina in the list of lagging G20 countries.
Production in Saudi Arabia decreased by 443 thousand to 11.4 million barrels/d.
The main losers in terms of oil production dynamics over 4 years: Russia, Nigeria, Saudi Arabia and Britain.
Russia ahead of Saudi Arabia in terms of oil exports to China
Russia exported 107 million tons of oil to China in 2023 by $60.644 billion, which is 24% more than in 2022, the General Administration of Customs of China reported. Russia became China's top oil supplier for the first time since 2018, ahead of Saudi Arabia. Chinese oil imports rose by nearly a quarter in 2023.
Export decline to 5.6 million barrels per day
Oil exports from Saudi Arabia are falling amid production cuts. The observed flow of oil from the kingdom in August 2023 decreased to about 5.6 million barrels per day, which is the lowest since March 2021.
Decline in oil revenues in May to below $20 billion
In May 2023, Saudi Arabia's oil revenues fell to their lowest since 2021 amid a weak recovery in energy markets.
Saudi Arabia's oil exports fell to their lowest level in more than a year.
Supplies of Russian oil and petroleum products to Europe
Saudi Arabia buys Russian oil in record quantities and sells it to the European market, Reuters wrote in April 2023.
Also since the spring of 2023, Saudi Arabia has been buying up millions of barrels of Russian diesel fuel, which Europe refuses to buy, while sending its own volumes to buyers in the EU.
Russian diesel supplies to Saudi Arabia have reached a multi-year high. In April 2023, diesel and gas oil exports from Saudi Arabia exceeded US volumes.
Decline in oil export revenues
2022
First place in oil supplies to China
Russia in 2022 took second place in oil supplies to China (86.25 million tons of oil). On the first - Saudi Arabia (87.49 million tons).
The US stopped buying a lot of oil from Saudi Arabia and no longer needs it as an ally
Saudi relations with the United States reached a critical point by April 2022. The decades-long union is under threat from disagreements over oil production levels, security concerns and conflict in Ukraine.
The risk for Washington is that Riyadh will work more closely with China and Russia.
Previously, the partnership was built on the fact that the US military will protect the kingdom from hostile powers in order to ensure the uninterrupted flow of oil to world markets. In turn, successive Saudi kings maintained stable oil supplies at reasonable prices, only occasionally allowing interruptions. But the economic basis of this relationship has changed. The Saudis no longer sell much oil to the US and are instead the largest supplier to China, which has refocused Riyadh's commercial and political interests.
2021: Oil Production Dynamics by Year
2019
Saudi Arabia - EU oil supplier with 8% share
Drone attack on Saudi Aramco oil facilities
On September 14, 2019, oil facilities|Saudi Aramco were attacked by drones. Due to the explosions, production operations at these facilities were temporarily suspended. Read more here.
2018
Among the leaders in mining
The second country in the world in terms of confirmed oil reserves
Natural gas reserves
See also
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