Saudi Arabia’s oil sector has endured a vexing year as Riyadh juggles priorities while cutting production far deeper than mandated by Opec. September’s Abqaiq attacks added to the complexity. The picture of how the kingdom responded is now growing clearer.
Saudi Arabia cut refining runs to near-three-year lows in October as it embarked on an aggressive restocking program following the previous month’s Abqaiq attacks (MEES, 20 September). Having drawn heavily on stocks in September in order to prevent supply disruptions to customers, October was payback time. (CONTINUED - 936 WORDS)