Saudi Arabia’s direct crude burn rose to its highest level in four years in August amid travel restrictions which drove up domestic electricity demand. The government’s submissions to Riyadh-based Jodi show crude burn averaging 702,000 b/d in August, up nearly 150,000 b/d year-on-year and the highest monthly figure since August 2016 (see chart 1 and table for full data).
The rise in crude burn this year is the consequence of increased domestic electricity consumption and the drop in associated gas production caused by the Opec+ production cuts. These factors have more than offset the ramp-up of the 2.5bn cfd Fadhili non-associated gas processing plant, which reached full capacity in May (MEES, 19 June). (CONTINUED - 768 WORDS)