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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.
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