Saudi Arabia’s oil burn is showing signs of dropping back from 2021 levels after a fast start to the year. Oil burn (crude plus fuel oil) increased by 200,000 b/d month-on-month in April but at 998,000 b/d it remained easily below April 2021’s 1.044mn b/d.
This was the second consecutive month when volumes were below 2021 levels and could be an early indicator that increased associated gas output as crude oil production has increased is more than offsetting increased electricity demand (MEES, 10 June). Given that last year oil burn increased by nearly 300,000 b/d to 1.306mn b/d from April to August, this dynamic can have a noticeable impact on global oil supplies. (CONTINUED - 315 WORDS)