*Saudi oil burn dropped to its lowest July level since 2019 this year, the latest Jodi statistics show. Rather than increasing through the summer in line with normal trends, July burn of 1.167mn b/d was a three-month low.
*Oil burn is highly seasonal in Saudi Arabia, and the plateau since May suggests that the Hawiyah Unayzah Gas Reservoir Storage facility is having a significant impact. This facility can release up to 2bn cfd of gas to the grid during peak demand periods, to smooth out the oil burn seasonality. (CONTINUED - 240 WORDS)
