Saudi Arabia’s crude production remains at well over 10mn b/d. September’s 10.22mn b/d, according to official figures, marked the seventh straight month above this level, the longest ever such period. Amid a struggle to retain market share among the key Asian customers, there is no sign of an easing anytime soon.
But crude export volumes are coming under pressure as the country’s refineries continue to ramp-up runs. Saudi products output hit an all-time high of 2.58mn b/d in August, according to the latest monthly data from the Riyadh-based Joint Organizations Data Initiative (Jodi). Products exports also hit an all-time high at 1.35mn b/d (see graphs 1 & 2). (CONTINUED - 701 WORDS)