“This year, there is not a single drop of diesel exported from Singapore to the Middle East”
An oil analyst revealed that Singapore’s economy has been hit badly by the recent oil refinery developments in Saudia Arabia in 2015. Suresh Sivanandam, the principal analyst for refining and chemicals at Wood Mackenzie, said that Saudia Arabia, already the world’s top crude oil exporter, is turning itself into a major refined-fuels power, offering millions of barrels of diesels today and triggering a price war with Asian competitors like Singapore.
Saudia Arabia has invested in itself and chose to process more of its crude oil at home and is now already the world’s fourth-largest oil refiner. Singapore is the world’s seventh largest oil refiner in the world but its diesel export is look to decline further as Saudia Arabia continues to ramp up in it oil refinery developments.