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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.
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