Saudi Products Records Tumble With Europe The Target Market

Saudi products output and exports are at record levels. Europe is the key market, latest data from Jodi and the Suez Canal show. Amid near-record crude output, exports have been further boosted by a record Q1 drawdown in crude stocks.

With Saudi Arabia having added two 400,000 b/d refineries since 2014 – both now running at full capacity – and crude output remaining at near-record highs of over 10.2mn b/d, records for the country’s products output and exports continue to tumble.

Crude throughputs at the country’s refineries hit a record 2.571mn b/d in the first quarter, with 2.574mn b/d for March just down on February’s 2.670mn b/d all-time monthly high (see p16 for full data).

Given the country’s 2.91mn b/d of primary distillation capacity, run rates were at an average of 88.4% of capacity in Q1 (and 92% in February) up from 70% a year earlier. This indicates that, though it will be at least two years before Saudi Arabia’s next 400,000 b/d of capacity comes onstream at Jazan, there remains scope for products output to rise further in the near term. (CONTINUED - 1133 WORDS)