This is a joint venture between Shell Overseas Investment B.V. and Al Jomaih Holdings Company. Through its state-of-the-art lube oil blending plant in Riyadh, the company is engaged in blending, marketing, and selling Shell lubricants in Saudi Arabia.
How much oil does Saudi Arabia produce a day?
Saudi Arabia initially reduced its production by 3.1 million barrels per day (b/d) as part of the OPEC+ agreement that began in April 2020.5 Saudi Arabia has increased production each month since February 2021, and, by October 2021, their production returned to an estimated 9.8 million b/d, similar to the level at the beginning of 2020.
Does Saudi Arabia use natural gas?
Natural gas supplies and processing capacity has risen since 2015, but oil production has declined during this period, which has allowed natural gas to replace a significant portion of crude oil burned for power generation. Solar energy and coal contributed only slight amounts to Saudi Arabia¡¯s energy consumption.9
How does Saudi Arabia affect global oil markets?
Saudi Arabia produced, on average, 10.8 million b/d of total petroleum liquids in 2020, of which 9.2 million b/d was crude oil and about 1.6 million b/d was non-crude liquids. Saudi Arabia, which holds the world¡¯s largest spare crude oil capacity, affects global oil markets by quickly increasing or decreasing its oil production.