Today, Saudi Arabia supplies Asia with nearly two of every three barrels of the Kingdom’s total crude oil exports, reflecting the profound shift in the balance of global oil markets. Tellingly, of Saudi Arabia’s top ten trade partners in 2015, seven were Asian countries (China, Japan, South Korea, India, Taiwan, Singapore and Thailand). Together, this accounted for more than two-thirds of the country’s trade with the world. China is Saudi Arabia’s top trade partner, while Japan is still the Kingdom’s biggest crude oil buyer in Asia.
Saudi officials are increasingly seeing the writing on the wall: China will soon become their largest customer and India could follow in the near futureDr. Naser al-Tamimi