Saudi Arabia kept the handbrake on its oil sector through 2024 as global demand growth failed to meet initial expectations, forcing the kingdom and its allies in Opec+ to repeatedly extend deep voluntary production cuts in order to balance the market (MEES, 6 December 2024).
Jodi’s publication this week of its full year figures for 2024 provide greater clarity on how Saudi Arabia managed its oil sector in a year in which its crude oil production dropped by 650,000 b/d to a 14 year low of 8.96mn b/d. With crude oil burn edging down for the second year in a row, the key decision for the kingdom was whether to prioritize crude oil exports or refining runs, and the answer is clear; the refineries won. (CONTINUED - 811 WORDS)
