Saudi Arabia refined a three-year high 2.772mn b/d in November according to the latest Jodi stats (see p18), putting it not far off the all-time high 2.836mn b/d set in November 2018. The increase comes as Saudi Arabia unwinds its Opec+ production cuts. With domestic demand steady, the increased refining runs are instead resulting in increased exports. Refined products exports hit 1.5mn b/d in November for the first time since January 2019.
Despite increased run rates, there is no indication that the 400,000 b/d Jazan refinery is ready to move to full operations. Data intelligence firm Kpler shows that shipments to the southern refinery remain at around 200,000 b/d. (CONTINUED - 139 WORDS)