Saudi Arabia’s total oil burn levels fell to a four-year low 670,000 b/d in January according to freshly released Jodi statistics (MEES, 19 March). The drop is largely thanks to additional volumes of non-associated gas production displacing oil following the ramp-up of the 2.5bn cfd Fadhili gas processing plant which reached full capacity last June (MEES, 19 June 2020). The impact of Fadhili on oil burn statistics was largely hidden in 2020 as the pandemic-induced surge in electricity demand ensured strong continued need for oil.
Direct crude burn levels were broadly flat with December and at 269,000 b/d were the lowest January figure since 2017. Fuel oil consumption, primarily for power and water desalination, averaged 401,000 b/d, which was down 200,000 b/d on December and also a four-year low. (CONTINUED - 144 WORDS)