Saudi Arabia Quietly Decreasing Dependence on Crude Exports: Lee
- Crude share of exports falls 10 percentage points in 4 years
- More rigs drilling for gas than oil for first time in 7 years
An offshore gas platform sits at the Karan gas field, owned and operated by Saudi Arabian Oil Co., in the Arabian Gulf, Saudi Arabia.
Source: /Saudi AramcoThis article is for subscribers only.
While an Aramco IPO continues to grab the headlines, Saudi Arabia is quietly getting on with the business of weaning itself off a dependence on crude oil exports, with flows of refined products soaring and direct burning of crude near multi-year lows, writes Bloomberg oil strategist Julian Lee.