Saudi Arabia has notched up its first H1 year-on-year decline in oil burn since 2018, with volumes dipping incrementally to 1.006mn b/d for 1H 2024 from a year-ago 1.014mn b/d (see chart 1 & p18 for full data). But celebrations will be muted given that the drop came despite a spike in oil burn to 1.42mn b/d for June, the third highest monthly figure on record (see charts 2 &3).
The latest figures from Jodi therefore highlight both the strides that Saudi Arabia is making in reducing oil burn levels, given that the incremental drop came despite a 6% surge in electricity demand over the first half of the year, and the challenge it faces to sustain this over the remainder of 2024 (MEES, 16 August). (CONTINUED - 892 WORDS)
