It’s no secret that locking in demand in fast-growing consumer markets in Asia is a key priority for major Mideast oil producers given the region’s significance as the last bastion of significant demand growth. But the mounting competition for market access has Saudi Aramco moving swiftly to double its refining capacity to 10 million barrels per day in large part by lining up invest- ments in new and existing refinery and chemical projects that would rely on Saudi crude as a feed- stock. But with the US and Europe increasingly mature markets and Asian crude imports set to grow three times faster than the Middle East and Africa through 2040, according to the International Energy Agency, the region has become a must-have market for Mideast producers wanting to maximize the value of their remaining resources (PIW Nov.12’18).
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