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Saudi oil output hits 3.28B barrels in 2024; exports at 2.2B barrels
AI Summary
Content Summary: 
Oil tanks
Saudi Arabia’s total crude oil production amounted to nearly 3.28 billion barrels in 2024, down 7% compared with 2023.
|
Crude Oil Production in Saudi Arabia |
||
|
Year |
Output (mln barrels) |
Change YoY |
|
2010 |
2980.4 |
-- |
|
2011 |
3398.6 |
+14% |
|
2012 |
3573.4 |
+5.1 % |
|
2013 |
3517.6 |
(1.6%) |
|
2014 |
3545.2 |
+0.8% |
|
2015 |
3720.3 |
+4.9% |
|
2016 |
3828.5 |
+2.9% |
|
2017 |
3635.1 |
(5.1%) |
|
2018 |
3765.8 |
+3.6% |
|
2019 |
3580.0 |
(4.9%) |
|
2020 |
3372.0 |
(5.8%) |
|
2021 |
3330.5 |
(1.2%) |
|
2022 |
3865.7 |
+16.1% |
|
2023 |
3506.3 |
(9.3%) |
|
2024 |
3277.5 |
(6.5%) |
Data indicated that Saudi Arabia’s crude oil exports declined by 9% to 2.21 billion barrels last year, compared with 2.43 billion barrels in 2023, marking the lowest level in 14 years.
|
Crude Oil Exports in Saudi Arabia |
||
|
Year |
Crude Oil Exports (mln barrels) |
Change YoY |
|
2010 |
2115.0 |
-- |
|
2011 |
2571.5 |
+21.6% |
|
2012 |
2711.9 |
+5.5 % |
|
2013 |
2753.0 |
+1.5% |
|
2014 |
2591.8 |
(5.9%) |
|
2015 |
2698.1 |
+4.1% |
|
2016 |
2791.3 |
+3.5% |
|
2017 |
2543.5 |
(8.9%) |
|
2018 |
2690.6 |
+5.8% |
|
2019 |
2568.9 |
(4.5%) |
|
2020 |
2437.1 |
(5.1%) |
|
2021 |
2273.0 |
(6.7%) |
|
2022 |
2687.7 |
+18.2% |
|
2023 |
2430.7 |
(9.6%) |
|
2024 |
2214.0 |
(8.9%) |
|
Crude Oil Consumption in Saudi Arabia |
||
|
Year |
Consumption (mln barrels) |
Change YoY |
|
2010 |
192.8 |
-- |
|
2011 |
190.8 |
(1%) |
|
2012 |
193.5 |
+1.4% |
|
2013 |
176.9 |
(8.5%) |
|
2014 |
202.4 |
+14.4% |
|
2015 |
209.4 |
+3.5% |
|
2016 |
182.4 |
(12.9%) |
|
2017 |
167.4 |
(8.2%) |
|
2018 |
149.7 |
(10.5%) |
|
2019 |
155.2 |
+3.6% |
|
2020 |
154.5 |
(0.5%) |
|
2021 |
159.6 |
+3.3% |
|
2022 |
177.7 |
+11.4% |
|
2023 |
172.6 |
(2.9%) |
|
2024 |
166.5 |
(3.5%) |
Addressing domestic production of refined products, the bulletin’s results showed that output volumes of gas oil/diesel rose to 407.8 million barrels in 2024, marking a 2% annual growth. Meanwhile, gasoline production increased by 6% to 238.1 million barrels.
|
Domestic Production of Refined Products (mln barrels) |
|||
|
Item |
2023 |
2024 |
Change |
|
Gas Oil / Diesel |
398.76 |
407.77 |
+2% |
|
Gasoline |
224.29 |
238.08 |
+6% |
|
Fuel Oil |
160.53 |
161.94 |
+1% |
|
Kerosene & Jet Fuel |
57.47 |
70.85 |
+23% |
|
Liquefied Petroleum Gases (LPG) |
9.06 |
11.66 |
+29% |
|
Other Oil Products |
63.87 |
63.66 |
(0.3%) |
Saudi Arabia’s exports of gas oil/diesel accounted for the largest share of fuel exports at 209.6 million barrels, followed by gasoline exports at 102.7 million barrels.
|
Saudi Exports of Refined Products (mln barrels) |
|||
|
Refined Products |
2023 |
2024 |
Change |
|
Gas Oil / Diesel |
206.18 |
209.60 |
+2% |
|
Gasoline |
93.71 |
102.65 |
+10% |
|
Fuel Oil |
66.56 |
51.74 |
(22%) |
|
Kerosene & Jet Fuel |
32.40 |
42.81 |
+32% |
|
Naphtha |
39.67 |
34.03 |
(14%) |
|
Other Oil Products |
25.95 |
30.69 |
+18% |
Saudi consumption of gas oil/diesel climbed by about 1% in 2024 to 224.1 million barrels. However, during the same year, gasoline consumption rose by approximately 1.2% to 188.2 million barrels.
Domestic Consumption of Refined Products (mln barrels)
|
Refined Products |
2023 |
2024 |
Change |
|
Fuel Oil |
230.77 |
238.04 |
+3% |
|
Gas Oil / Diesel |
222.28 |
224.13 |
+1% |
|
Gasoline |
185.89 |
188.15 |
+1% |
|
Kerosene & Jet Fuel |
34.82 |
35.21 |
+1% |
|
Liquefied Petroleum Gases (LPG) |
19.95 |
26.18 |
+31% |
|
Other Oil Products |
200.17 |
190.66 |
(5%) |
The Oil and Gas Statistics covers energy data across the Kingdom of Saudi Arabia in accordance with the Standard International Energy Product Classification (SIEC), with data available as a time series for the period (2010-2024).
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