Saudi crude burn increased 88,000 b/d year-on-year, and 45,000 b/d sequentially to a nine-year high 814,000 b/d for August. The latest Jodi statistics show that Saudi Arabia withdrew 3mn barrels (101,000 b/d) from crude oil inventories to help meet this, with refining runs up 324,000 b/d at 2.72mn b/d. At 136.5mn barrels, crude stocks are now down 12.7mn barrels from end-2023 (MEES, 18 October).
Total oil burn (including fuel oil) dipped slightly from July to 1.43mn b/d, but was still 35,000 b/d more than the same period last year, and this is the first three-month period in which oil burn has averaged more than 1.4mm b/d. After averaging below 2023-levels through the first six months of the year (MEES, 24 August), the eight-month average of 1.12mn b/d is now notably higher than the equivalent figure of 1.09mn b/d last year. Oil burn typically, but not always, begins to fall from September onwards as electricity demand falls along with temperatures, and so the annual peak may now have been passed. (CONTINUED - 211 WORDS)