Bloomberg News

Saudi Arabia, Iran Sent 62% of Oil Exports to Asia in 2011

July 16, 2012

Saudi Arabia and Iran shipped about 62 percent of their oil exports to buyers in the Asia-Pacific region last year, according to data in OPEC’s Annual Statistical Bulletin.

Asian buyers received 4.5 million barrels a day of Saudi crude last year, rising from 4.3 million in 2010, the Organization of Petroleum Exporting Countries said in the report today. Iran shipped 1.4 million barrels a day to Asia in 2011, compared with 1.6 million the previous year.

The producer group’s exports to North America and Western Europe fell in 2011 as total consumption of oil in those regions shrank 1.2 percent and 2.1 percent, respectively.

The world’s five biggest crude exporters last year were Saudi Arabia at 7.2 million barrels a day, Russia at 5.8 million, Nigeria at 2.4 million, United Arab Emirates at 2.3 million and Iran at 2.3 million.

To contact the reporter on this story: Stephen Voss in London at sev@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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