Saudi Arabia has significantly increased its imports of heavy crude oil in recent months, a surprising shift in strategy for the world's largest oil exporter. The kingdom’s decision to purchase more of the dirtiest form of crude comes amidst an exceptionally scorching summer, which has led to a surge in domestic electricity demand.
To meet the unprecedented power consumption, Saudi Arabia has found it necessary to refine heavier crude oil to produce the fuel required for its power plants. This departure from its usual reliance on lighter crude grades has raised eyebrows within the global energy market.
Industry experts suggest that the kingdom's move is a short-term measure to address the immediate energy crisis. However, the increased use of heavy crude oil raises concerns about environmental implications, as it typically produces higher levels of pollutants compared to lighter varieties.
While the kingdom has not publicly commented on the reasons behind the shift, analysts believe that the decision reflects the extraordinary challenges posed by the extreme heat wave. The situation highlights the complex interplay between energy demand, environmental concerns, and geopolitical factors in the global oil market.