Saudi crude burn levels have fallen comfortably below 2020 levels in recent months, after surging to a four-year high of 702,000 b/d in August amid the disruption caused by the Covid-19 pandemic (MEES, 23 October 2020). The latest Jodi stats show that Saudi direct crude burn fell to 320,000 b/d in November (see table), down 22,000 b/d year-on-year. With 11M 2020 average crude burn of 436,000 b/d, December will need to have to have dipped below 300,000 b/d for the full year to come in below 2019’s 424,000 b/d.
Part of the reason why Saudi Arabia managed to avoid a major increase in crude burn last year was the ramp up of the Fadhili non-associated gas processing plant (MEES, 19 June 2020). However, it has also significantly increased fuel oil burn. (CONTINUED - 159 WORDS)