Saudi Refinery Output, Stocks Hit All-Time Highs

> Saudi Arabia’s refinery output hit an all-time high of 2.57mn b/d in June, with Satorp refinery operating near to full 400,000 b/d capacity and the ramp-up of the same-size Yasref plant continuing, according to freshly-released data from the Riyadh-based Joint Oil Data Initiative (Jodi).

> Directly burnt crude rose by 217,000 b/d to 894,000 b/d, the highest ever June figure and just 5,000 b/d below last July’s all time record high of 899,000 b/d (see graph 1). Given sweltering July temperatures this record will likely have been topped last month. Indeed, including fuel oil consumption, a record 1.34mn b/d of oil was burnt for June, up 160,000 b/d on May, and up 135,000 b/d on June last year. Even this figure does not give a full ‘oil burn’ picture since much of the kingdom’s diesel consumption is also burnt to generate electricity: this appears to also be happening in record quantities given that Saudi Arabia recorded all-time record 881,000 b/d diesel demand in May, with the June figure a mere 10,000 b/d lower (see graph 2). (CONTINUED - 655 WORDS)


table Saudi Arabia Key Oil Data, June & 2Q 2015 (‘000 B/D)