Saudi Oil Exports Hit New Peak But Crude Burn Rises

Saudi Arabia’s total oil exports surged to a record 9.25mn b/d in February as domestic demand for refined products fell to a five year low. Crude exports rose to a 13-month high of 7.25mn b/d despite the Ministry of Energy’s repeated statements in recent months that “exports are kept below 7mn b/d.”

Refined products exports hit an all-time high of 2mn b/d in February, thanks largely to record gasoline (467,000 b/d) and fuel oil (440,000 b/d) – MEES, 20 April for full data. This is not just the result of a quirk of monthly statistics, as January had also been a record-breaking high ( MEES, 23 March ). (CONTINUED - 412 WORDS)


chart 1: Suez Canal Sees Record Northbound Oil Products Shipments ('000 B/D), The Result Of Saudi Refineries Exporting Record Diesel & Gasoline Volumes ('000 B/D)
chart 2: Saudi Fuel Oil Burn Soared In 2017 But Has Started 2018 More Modestly (‘000 B/D)…
chart 3: ...Saudi Direct Crude Burn: Early 2018 Sees Reversal Of Recent Declines In Volumes