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GCC Distillate Exports to Europe Soar in April: MEES

OIL PRODUCTS

Gulf Cooperation Country (GCC) refiners exported record volumes of middle distillates to Europe in April amid weak Asian demand, MEES reported.

  • GCC Jet Fuel, diesel, and gasoil exports to Europe hit a record 1.1m b/d in April, nearly half the region’s middle distillate exports.
  • Exports comprised 393k b/d of jet fuel, 335k b/d of diesel, and 293k b/d of gasoil.
  • Saudi Arabia loaded 473k b/d for Europe in April, its highest export figure to Europe since May 2018.
  • Kuwait exported 340k b/d of Europe-bound middle distillates respectively for April, its highest monthly total of Europe-bound middle distillates since June 2023.
  • While Saudi Arabia can utilise its Red Sea ports to circumvent attacks by the Houthis around the Gulf of Aden, Kuwait and Oman must send cargoes via the Cape of Good Hope.
  • The Gulf Cooperation Council constitutes: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
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