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OIL: Saudi Arabia’s Oil Burn Set for New Annual Record: MEES

OIL
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Saudi Arabia’s summer oil-burn has returned to historic highs as electricity demand growth outpaces increases in non-associated gas and renewable output, MEES said.

  • Saudi oil burn accelerated in July to the second highest figure on record, as early-year successes in curtailing the practice have fallen away due to hot summer temperatures.
  • The latest Jodi statistics show that crude oil burn surged to an all time high of 769k b/d in July.
  • Fuel oil burn of 700k b/d resulted in combined oil burn of 1.47m b/d.
  • This was a record figure for July and the first time in which Saudi Arabia has recorded two consecutive months of above 1.4m b/d oil burn.
  • Oil burn may have remained elevated in August too, amid record electricity demand elsewhere in the Gulf in August.
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Saudi Arabia’s summer oil-burn has returned to historic highs as electricity demand growth outpaces increases in non-associated gas and renewable output, MEES said.

  • Saudi oil burn accelerated in July to the second highest figure on record, as early-year successes in curtailing the practice have fallen away due to hot summer temperatures.
  • The latest Jodi statistics show that crude oil burn surged to an all time high of 769k b/d in July.
  • Fuel oil burn of 700k b/d resulted in combined oil burn of 1.47m b/d.
  • This was a record figure for July and the first time in which Saudi Arabia has recorded two consecutive months of above 1.4m b/d oil burn.
  • Oil burn may have remained elevated in August too, amid record electricity demand elsewhere in the Gulf in August.