Saudis Ease Off Export Pedal, Boosting Stocks To New High

Saudi Arabia cut crude exports by 89,000 b/d to 7.28mn b/d in July whilst boosting refinery runs to 2.21mn b/d. Though the refinery runs figure is 209,000 b/d down on the record 2.42mn b/d figure set in May, it is the fourth highest figure on record and follows the start-up of two 400,000 b/d refineries over the last 18 months (see p12 for full data).

Saudi Arabia also continues to build up its stocks of crude and products. Crude stocks hit a record 320.2mn barrels as of end-July; including products stocks were 411mn barrels, also a record, according to freshly released data from the Riyadh-based Joint Organizations Data Initiative (JODI) and MEES analysis of earlier Aramco data. Crude stocks gained by 700,000 barrels (22,600 b/d) following bumper gains of 6.2mn barrels. Refined products inventories rose by 2.2mn barrels to 91mn barrels in July (see graph 1).


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE