Saudi oil burn accelerated in July to the second highest figure on record, as early-year successes in curtailing the practice have turned into a mirage amid the hot summer months.
The latest Jodi statistics show that crude oil burn surged to a nine-year high 769,000 b/d in July (see chart 1), while fuel oil burn of 700,000 b/d resulted in combined oil burn of 1.47mn b/d. Not just was this the second highest figure on record, it was also the highest ever figure for July and the first time in which Saudi Arabia has recorded two consecutive months of 1.4mn+ b/d oil burn (see chart 2). With high temperatures leading to record electricity demand elsewhere in the Gulf in August, oil burn may well have remained similarly-elevated last month. (CONTINUED - 781 WORDS)
