Saudi Arabia’s prominence as a major exporter of refined oil products has hit new highs, with the latest Jodi data showing a record 2.08mn b/d was exported in July. With refinery output also at record breaking levels, 3.06mn b/d, this trend shows no sign of slowing down.
Saudi refined products exports are poised to top 2mn b/d for the first time this year, which would represent a massive 70% year-on-year increase on 2017’s record 1.44mn b/d. With crude exports relatively subdued, although still on course to bounce back above 7mn b/d, refined products are set to exceed 20% of total oil exports for the first time (see chart 1) and ( MEES, 21 September ) for full data. Considering that just five years ago products accounted for a meager 7.4%, it is clear that a major transformation is underway. (CONTINUED - 955 WORDS)