Despite US oil “shale revolution” Saudi Arabia remains No. 2 oil supplier to the US, behind only Canada. Saudi oil exports to countries (in Asia, Europe) that use this oil to make goods US imports and consumes is often overlooked when considering overall US reliance on Saudi oil.
2. Saudis are snapping up oil refining capacity in Asia, including $44 billion investment in an oil refinery in western India and $7 billion investment in a refinery in Malaysia. While politicians tout renewables, world’s manufacturing depends on oil.
3. By 2040, Saudi Arabia will be No. 1 exporter of solar energy. In 2012, the King architected a strategy to reduce domestic reliance on oil and switch to renewables so its oil could be used largely to generate export revenues for investing in solar power…much of it for export.
4. So snapping up global refining capacity is a key pillar of Saudi strategy to ensure stable oil prices for its own growth needs, which in turn means more stable energy prices for countries/consumers that rely on Saudi oil for manufacturing, other uses.
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