Why Saudi Arabia Is Importing Record Amounts Of Oil
发布时间 2022-09-21 19:00:04 来源
摘要
Saudi Arabia is known for having one of the largest oil reserves in the entire world and making hundreds of billions every single year from their oil. Considering this, you would think that the country would never have to import oil, but over the past several months, Saudi Arabia has actually been importing record amounts of oil. Historically, one of the reasons Saudi Arabia has imported oil is to make up for discrepancies in the type of oil. You see, the vast majority of oil available in Saudi Arabia is light crude sour oil. So, it sometimes makes sense to import heavy crude sour and sweet oil. Aside from making up for internal discrepancies, Saudi Arabia also likes to make up for production discrepancies using imported oil. Saudi Arabia prides themselves on always delivering what they promised regardless of the situation. Even when they fall short due to a legitimate reason, they’ll usually import oil to make up for the shortfall. Finally, the last major reason Saudi Arabia has been importing oil is to leverage cheap Russian oil. The sanctions have left Russian oil selling for a discount while Middle Eastern oil has skyrocketed in price. So, it makes sense to save the Middle Eastern oil for western countries while Saudi Arabia themselves use cheaper Russian oil. This video explains the many reasons Saudi Arabia has imported oil over the years despite their ginormous oil reserves.
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Timestamps:
0:00 - Saudi Oil Imports
1:16 - Oil Imbalances
3:56 - Saudi Arabian Pride
7:27 - Opportunist
10:15 - Saudi Imports Explained
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