Saudi Arabia’s refining sector activity has been accelerating sharply since March according to the kingdom’s latest Industrial Production Index (IPI) figures. This comes amid a marked increase in refining margins, and should enable Saudi Arabia to cash in on the strong prices.
The latest IPI figures from the Saudi statistics agency show that the IPI for the “Manufacture of coke and refined petroleum products” increased from 97.4 in January to 116.6 in March and 123.5 in April. Any figure above 100 represents an increase against 2021 levels, and the April figure is the highest since at least January 2023 – the March figure was just below May 2024 levels. (CONTINUED - 420 WORDS)
