Saudi Arabia’s crude exports increased to a four-month high 5.93mn b/d for October as domestic demand from the power sector eased seasonally. Crude burn has fallen sharply since peaking in August, dropping from 814,000 b/d to just 362,000 b/d for October according to the latest Jodi statistics (see chart & table for full data). This puts crude burn down by 169,000 b/d year-on-year, in sharp contrast to the summer when August’s figure was the highest since 2015.
Fuel oil burn has also dropped sharply, and total oil burn of 988,000 b/d for October was down 211,000 b/d year-on-year. The upshot is that after spiking in the summer, year-to-date oil burn of 1.12mn b/d is now running slightly below year-ago levels of 1.13mn b/d, raising the possibility of a first annual decline since 2021. (CONTINUED - 191 WORDS)
