The first half of the year was an unprecedented period for Saudi Arabia’s oil sector, and newly released Jodi data provide a clearer picture of how the kingdom navigated the turbulence.
The effective closure of the Strait of Hormuz in the first days of the regional conflict that began on 28 February caused huge disruption to Saudi Arabia and its neighbors. The closure of Saudi Arabia’s primary oil export route necessitated widespread production shut-ins and refinery curtailments. Second order consequences included a sharp drop in associated gas production, which in turn caused oil burn to spike to unprecedented seasonal highs. (CONTINUED - 840 WORDS)
