“The Middle East holds nearly half the world’s oil and gas, yet has one of the world’s largest gasoline deficits and a growing gas shortage,” said the brokerage, starting coverage on Saudi Arabia’s oil refiner Petro Rabigh with a “neutral” rating.

Without new refining capacity Saudi Arabia likely needs to import a quarter trillion liters of gasoline and diesel this decade, HSBC said in a note to clients. 

The country may need to spend over $300 billion of its own crude, without higher gas production, it added.