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OIL
Saudi Arabia’s electricity generation rose by 6% in H1, although oil burn was down over the same period, MEES said.
- Higher gas availability and the growing role of renewables have squeezed oil consumption within the power-generation mix.
- However, June saw higher fuel oil imports into the Kingdom, which may indicate that oil burn gains may return in H2.
- Saudi’s fuel oil imports hit a two-year high in June, according to Vortexa.
- Moreover, Aramco won a recent tender for 130k mt of VLSFO in August from Kuwait's Al Zour refinery, Reuters said.
- This likely indicates the return of additional oil into the power-generation mix as the Kingdom looks to meet peak demand during the severe summer temperatures.
Source: MEES
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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