Recent reports from Banchero Costa indicate a continuing decline in Saudi Arabia’s crude oil exports. In the first five months of 2025, Saudi crude oil exports decreased by 3.2% year-on-year, totaling 134.6 million tonnes, down from 139 million tonnes in the same period of 2024. This follows a 3.2% decline in the previous year and a significant 7.5% drop in 2023.
Saudi Arabia remains the world’s largest seaborne exporter of crude oil, surpassing countries like Russia, Iraq, and the USA. In 2024, Saudi Arabia accounted for 14.9% of global seaborne oil exports, with volumes still exceeding the 310.2 million tonnes recorded in 2021. Most of these exports, approximately 92.9%, were transported using Very Large Crude Carriers (VLCCs), with Suezmax and Aframax tankers carrying a smaller share.
The principal crude oil export terminals in Saudi Arabia include Ras Tanura, Yanbu, and Ras al Khafji, with Ras Tanura alone handling 112.7 million tonnes, representing 83.7% of total exports from January to May 2025. The export landscape is increasingly skewed toward Asian markets, with Mainland China becoming the top destination, accounting for 24.3% of Saudi crude. Other significant destinations include Japan, South Korea, and ASEAN countries.
In contrast, direct shipments to the United States now constitute only 3.3%, and those to the European Union have plummeted to a mere 0.2%. Despite a slight decrease in volumes to Mainland China, there has been an increase in exports to Japan and South Korea, while shipments to India have also seen a decline. This ongoing trend highlights the shifting dynamics of Saudi crude oil exports in a changing global market.