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Full year 2017 figures from Jodi highlight the extent of the increasing importance Saudi Arabia places on its products exports. As it cut back on its heavily-monitored crude exports as part of the Opec+ production agreement since January 2017, it simultaneously ramped up refining runs, resulting in products accounting for a record 17.1% of oil exports last year (see chart 1).
With products exports growing in the second half of 2017, the share is likely to rise further in 2018. Moreover, the 400,000 b/d Jazan refinery is scheduled to come onstream towards the end of the year. While the refinery’s location in the southwest corner of Saudi Arabia near the Yemen border away from any oil infrastructure, and with no pipeline connections, reduces its economic viability, it still ought to boost 2018’s run rates.
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