1. New markets and partners for Saudi oil exports
- Author:
- Giacomo Luciani
- Publication Date:
- 09-2013
- Content Type:
- Policy Brief
- Institution:
- Norwegian Centre for Conflict Resolution
- Abstract:
- Flows of crude oil sales are determined by refining demand. In recent years Saudi Arabia has invested massively in captive refining capacity at home and abroad and will be able to refine two-thirds or more of its oil in controlled refineries by the end of the current decade. Because refineries in Europe are likely to be put on sale as distressed assets, Saudi Aramco would have no difficulty in further expanding its controlled capacity. A continuation of this trend may even lead to the Kingdom not exporting crude oil to third parties at all. This is in line with the country's ambition to diversify its economy and its limited interest in further expanding oil production for the sake of selling oil as crude.
- Topic:
- Diplomacy, International Trade and Finance, Markets, and Oil
- Political Geography:
- Europe, Middle East, and Saudi Arabia