Saudi Arabia Oil Exports 2023-24: Latest Overview

Saudi Arabia is the number 1 oil exporter in the world. About 17% of the proven oil and petroleum reserves in the world are found in Saudi Arabia. This amounted to the most that any nation exporting oil made that year and based on value, accounted for 16.3% of all crude exports worldwide. It follows that Saudi Arabia is among the world's top producers of oil and the largest exporter in terms of value. The 4-digit HS code for oil is 2709. In this article, we will delve into the world of Saudi Arabia's oil exports, examining just how much oil the country exports, oil export trends, and the impact of their exports on the global economy.

• According to the latest oil export statistics, Saudi Arabia's oil exports in 2023 were $211.54 billion.
• Saudi Arabia’s oil exports in 2023 made up a 16.3% share of global oil exports. 
• As of 2023, Saudi Arabia and OPEC (Organization of the Petroleum Exporting Countries) member states had a 12.9% share of oil output, second only to the United States. 
• In 2023, Saudi Arabia exported a staggering 7.44 million barrels of oil per day, which is 271.56 million barrels of oil exported, making it one of the top oil-producing nations in the world. 
• Oil exports from Saudi Arabia in 2024 have a projected value of 7.48 million barrels per day making a total of 273.02 million barrels of oil exported. 
• This significant export volume contributes greatly to the country's economy and its consistent growth in the global oil market. 

Where does Saudi Arabia rank in oil exportation in the world?

Saudi Arabia has been the leader in exporting oil securing the No.1 rank in worldwide oil exports. Its monstrous oil reserve and vast capacity to supply and export oil have made the nation famous worldwide. Saudi Arabia dominates the oil export market because of its vicinity in the Middle East.

The Impact of Saudi Arabia's Oil Exports on the Global Economy

The impact of Saudi Arabia's oil exports extends a protracted manner past its borders. The kingdom's oil exports have a considerable effect on the global financial system, affecting the entirety from oil expenses to marketplace stability. As the world’s biggest oil exporter, Saudi Arabia performs a critical function in shaping the global oil market and making sure of an ordinary delivery of oil to global locations around the world.

Saudi Arabia's Biggest Oil Export Partners

Saudi Arabia has several key oil export partners that play a sizeable function in its oil trade. In the first half of 2023, the top export destinations for Saudi Arabia’s oil exports were China (23.2%), Japan (15.5%), South Korea (12.6%), India (10.1%), and Taiwan (4%). Some of Saudi Arabia’s biggest oil export partners include China, Japan, South Korea, India, and the USA. These countries rely upon Saudi Arabia for regular delivery of oil to fulfill their oil demand wishes, making Saudi Arabia a vital participant in the worldwide oil market. Saudi Arabia's top 10 oil export partners in 2022 are:

1. China: $56.1 billion (23.8%)
2. Japan: $34.2 billion (14.6%)
3. India: $32.7 billion (13.9%)
4. South Korea: $32.5 billion (13.8%)
5. USA: $16.6 billion (7.05%)
6. Chinese Taipei: $10.2 billion (4.35%)
7. Malaysia: $5.54 billion (2.35%)
8. Netherlands: $4.65 billion (1.97%)
9. Poland: $4.59 billion (1.95%)
10. Thailand: $4.54 billion (1.93%)

Who are the Biggest Oil Export Companies in Saudi Arabia?

The top 10 oil export companies in Saudi Arabia with their annual revenue in 2023 include:

• Saudi Aramco: $121.3 billion
• Schlumberger: $28.09 billion
• Halliburton: $23.01 billion
• Petro Rabigh: $11.1 billion
• Weatherford - Cielo: $5.13 billion
• Consolidated Contractors Company: $5.1 billion
• Tasnee Petrochemical Co.: $917.2 million
• Topaz Marine: $802.1 million
• Rotary Engineering Pte. Ltd.: $172 million
• Dalma Energy: $32 million

Crude Oil Exports in Saudi Arabia for the last 10 years

Over the last decade, Saudi Arabia's oil exports have remained exceptionally solid, with the nation continuously exporting over 6-7 million barrels of oil every year daily. Despite fluctuations in global oil fees and marketplace situations, Saudi Arabia has maintained its role as one of the international's leading oil exporters, thanks to its sizable oil reserves, oil export partners, and strategic production talents. According to the statistics for oil export records, Saudi Arabia’s oil exports in the past 10 years in the quantities are:

Saudi Arabia’s non-oil exports increased by 12% in December 2023

• According to government figures, Saudi Arabia's non-oil exports increased by 12% in December 2023 over the same month the previous year.

• The value of non-oil exports in December was $7.07 billion, up from $6.29 billion during the same time the previous year, according to the General Authority for Statistics.

• In keeping with Vision 2030's goals, Saudi Arabia is actively diversifying its economy away from oil, making it imperative to strengthen the non-oil private sector.

• At 32.4% of all non-oil commodities exported in December, chemical and related products made up the majority of exported non-oil goods.  

Conclusion

In conclusion, Saudi Arabia's oil exports play a critical role in the international economic machine, shaping oil costs, marketplace stability, and mineral supply around the world. With its huge oil reserves, strategic vicinity, and key oil export companions, Saudi Arabia remains a dominant nation in international oil exports and production.

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