Saudi Arabia notched up record-breaking annual average crude output of 10.20mn b/d for 2015. Having hiked output above 10mn b/d in March it never looked back – MEES estimates had December output at 10.18mn b/d (MEES, 8 January 2016), the tenth straight month above 10mn b/d. Aramco’s most recent submission to Opec put November output at 10.19mn b/d.
But not all the records are good. Saudi Arabia is also set to notch up record crude burn in 2016. For the first 10 months of the year – including all of the peak summer demand months – crude burning averaged 598,000 b/d, up 8,000 b/d on 2014’s record. October’s 667,000 b/d burn is 155,000 b/d higher than for October 2014 (MEES, 8 January 2016). (CONTINUED - 567 WORDS)
