Saudi Arabia’s oil consumption has started 2024 at a rapid pace, with consumption of gasoline, diesel and fuel oil all at or close-to multi-year highs. The kingdom is widely expected to be the key driver of strong regional oil demand growth this year, as it accelerates its hugely ambitious Vision 2030 reform program.

Opec stresses the likelihood of strong regional demand growth in 2024 in its monthly oil market report for April, saying that “global oil demand is expected to grow by a healthy b/d y-o-y [for 2024], led by robust demand from non-OECD regions, mainly China, Middle East and other Asia” (MEES, 12 April). (CONTINUED - 765 WORDS)