Gulf Crude Burn Down Sharply In 2018, But Fuel Oil Is The Key Replacement Fuel
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Gulf* Crude Burn Was Down 29% (180,000 B/D) In 1H18: Saudi Burn Was Down 10%, Iraq's By Almost Two-Thirds And Kuwaiti Burn Fell To Zero....
Gulf Countries Have Bigged Up Gas-To-Power And Renewables Additions, But Fuel Oil Use Is Up 95,000 B/D (12%) Equating To More Than Half The Crude ‘Savings’…
…So Overall Oil Burn** Savings Are More Modest, Ranging From 3% For Kuwait For 1H18 To 10% For Iraq
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