Though Saudi Arabia is the largest oil producer in the Middle East, its oil consumption is also largest in the whole region. It was estimated that in 2008, Saudi Arabia alone consumed roughly 2.4 million bbl/d of oil. The reasons for such a great consumption were the subsidized prices and sturdy economic growth. 8 to 10 percent increase in demand is expected for the year 2010. (The Economist) The industry reports quoted that the demand would hike up generally in the NGLs production and because Saudi Arabia will need to burns crude oil for power generation in summers. (Nazar Shaheen) On the other hand, Canada consumed an estimated 2.32 million bbl/d of oil in 2008. (NRC)This shows that Canada is consuming oil as much as Saudi is but is not parallel to Saudi Arabia in producing oil.
In 2008, Saudi Arabia exported an estimated 8.4 million bbl/d of oil, the majority of which was crude oil. 50 percent of Saudi Arabia’s crude oil exports go to Asian countries, including Japan, South Korea, China, and India. Also, majority of Saudi’s refined petroleum product goes to these Asian countries. However, Japan is the sole remnant that exports largest share of 50 percent export of Saudi crude in Asia. On the contrary Canada exports 99 percent of its oil to the U.S. (EIA)
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