The Saudi Arabian Oil Company (Saudi Aramco) is the state-owned oil company of the Kingdom of Saudi Arabia (KSA). It manages the world's largest proven conventional crude oil and condensate reserves of approximately 265.8 billion barrels as at 2013, representing approximately 18 per cent of the world's proven crude oil reserves.
8In 2014, Saudi Aramco produced 9.7 mbpd of crude oil through its main oil facilities in Abqaiq, Haradh, Khurais, Khursaniyah, Nuayyim, Qatif and Shaybah. Of this, Saudi Aramco exported on average 7.1 mbpd or approximately 73 per cent of its production. Asia was the main importer of Saudi crude oil (67%) followed by North America (18%) and Europe (13%).
8The Saudi Arabian oil transportation market is closely linked to Saudi Aramco's oil production and exports. Between 70% to 90% of Saudi Aramco's export volumes are sold on FOB basis. For the remaining export volumes sold on Cost, Insurance and Freight basis, Bahri has been the primary provider of shipping services to Saudi Aramco.
8The Arabian gulf to East trade continues to serve as the principal trade route in the VLCC sector. Fast paced economic expansion in non-OECD Asia is driving demand.
8The Arabian Gulf to US trade decreased by 7% from 2013 levels, however it remains the second largest trade in the VLCC sector. Exports to the US have steadily decreased since 2003, sliding from 2.3 mbpd in 2003 to 0.8m mbpd in October, 2014, impacted by rising North American production.
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8In 2014, Saudi Aramco produced 9.7 mbpd of crude oil through its main oil facilities in Abqaiq, Haradh, Khurais, Khursaniyah, Nuayyim, Qatif and Shaybah. Of this, Saudi Aramco exported on average 7.1 mbpd or approximately 73 per cent of its production. Asia was the main importer of Saudi crude oil (67%) followed by North America (18%) and Europe (13%).
8The Saudi Arabian oil transportation market is closely linked to Saudi Aramco's oil production and exports. Between 70% to 90% of Saudi Aramco's export volumes are sold on FOB basis. For the remaining export volumes sold on Cost, Insurance and Freight basis, Bahri has been the primary provider of shipping services to Saudi Aramco.
8The Arabian gulf to East trade continues to serve as the principal trade route in the VLCC sector. Fast paced economic expansion in non-OECD Asia is driving demand.
8The Arabian Gulf to US trade decreased by 7% from 2013 levels, however it remains the second largest trade in the VLCC sector. Exports to the US have steadily decreased since 2003, sliding from 2.3 mbpd in 2003 to 0.8m mbpd in October, 2014, impacted by rising North American production.
For more details visit indianpetroplus.com
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