Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
There has been speculation among analysts about how Saudi Arabia’s recent crude production surge – in the wake of a game-changing Saudi-led Opec decision to let fundamentals balance the market – would play out against the kingdom’s recently expanded refining capacity.
The latest Jodi data provides some answers – crude production has gone still higher, and products data contains numerous records, but crude exports were squeezed:
• Crude oil production averaged almost 10.31mn b/d in April, 14,000 b/d up on March and close to the Saudi all-time high. Year-to-date output now averages 9.98mn b/d, almost 270,000 b/d up on the same period last year. (CONTINUED - 270 WORDS)
DATA INSIDE THIS ARTICLE
|table||Saudi Runs Hit Record, Cut Into Exports (Jodi April Data, ‘000 B/D)|