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A refined approach: Saudi Arabia moves beyond crude

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  • Krane, Jim

Abstract

Saudi Arabia's role in global energy markets is changing. The kingdom is reshaping itself as a supplier of refined petroleum products while moving beyond its long-held role as a simple exporter of crude oil. This change is commensurate with the typical development trajectory of a state progressing to a more advanced stage of global economic integration. Gains from increased refining include reducing fuel imports and capturing margins now bequeathed to competitors. Refining also allows the kingdom to export its heavy crude oil to a wider array of customers, beyond select importers configured to handle heavy crudes. However, the move also presents strategic complications. The world's "swing supplier" of oil may grow less willing or able to adjust supply to suit market demands. In the process, Saudi Arabia may have to update the old “oil for security” relationship that links it with Washington, augmenting it with a more diverse set of economic and investment ties with individual companies and countries, including China.

Suggested Citation

  • Krane, Jim, 2015. "A refined approach: Saudi Arabia moves beyond crude," Energy Policy, Elsevier, vol. 82(C), pages 99-104.
    • Handle: RePEc:eee:enepol:v:82:y:2015:i:c:p:99-104
    DOI: 10.1016/j.enpol.2015.03.008
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    1. Bray,Francesca & Coclanis,Peter A. & Fields-Black,Edda L. & Schäfer,Dagmar (ed.), 2015. "Rice," Cambridge Books, Cambridge University Press, number 9781107044395, September.
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    Cited by:

    1. Čermák, M. & Malec, K. & Maitah, M., 2017. "Price Volatility Modelling – Wheat: GARCH Model Application," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 9(4).
    2. Krane, Jim, 2017. "Beyond 12.5: The implications of an increase in Saudi crude oil production capacity," Energy Policy, Elsevier, vol. 110(C), pages 542-547.
    3. Hamed Ghoddusi & Franz Wirl, 2019. "A Risk-Hedging View to Refinery Capacity Investment," Working Papers 1327, Economic Research Forum, revised 21 Aug 2019.
    4. Atalla, Tarek N. & Gasim, Anwar A. & Hunt, Lester C., 2018. "Gasoline demand, pricing policy, and social welfare in Saudi Arabia: A quantitative analysis," Energy Policy, Elsevier, vol. 114(C), pages 123-133.
    5. Ansari, Dawud, 2017. "OPEC, Saudi Arabia, and the shale revolution: Insights from equilibrium modelling and oil politics," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 111, pages 166-178.
    6. Zubarev, Andrey & Kirillova, Maria, 2022. "Оценивание Влияния Внешних Шоков На Российскую Экономику С Помощью Модели Gvar [Estimating the impact of external shocks on Russian economy: GVAR approach]," MPRA Paper 113762, University Library of Munich, Germany, revised 01 Jul 2022.
    7. Zubarev, Andrey & Kirillova, Maria, 2021. "Эконометрическая Оценка Влияния Шоков На Рынке Нефти На Макроэкономические Показатели Российской Федерации С Помощью Gvar Моделирования [The Impact of Oil Market Shocks on the Macroeconomic Indicat," MPRA Paper 110410, University Library of Munich, Germany, revised 01 Nov 2021.
    8. Zhang, Jing, 2019. "Oil and gas trade between China and countries and regions along the ‘Belt and Road’: A panoramic perspective," Energy Policy, Elsevier, vol. 129(C), pages 1111-1120.

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