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> Saudi Arabia’s September refinery output of 2.22mn b/d was the second highest on record (after December 2013). Diesel output hit a record 795,000 b/d as the new 400,000 b/d Satorp refinery neared full capacity. The last four months are the four highest on record: Q3 average diesel output was up 180,000 b/d on a year earlier.
> Demand has also risen strongly. September gasoline demand of 558,000 b/d was just down on June’s all-time high.
> Products exports fell from August’s record 1.02mn b/d but remain up 200,000 b/d on a year earlier. But crude exports are down by 1.12mn b/d year-on-year. Overall net oil exports, at 6.95mn b/d, fell below 7mn b/d for the first time since early 2011.
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