Saudi oil exports in May fell to lowest since 2011, JODI says
RIYADH, Saudi Arabia (Bloomberg) -- Saudi Arabia, the world’s biggest oil exporter, shipped the least crude in almost three years in May as domestic refineries processed record amounts and power plants also increased consumption, official data showed.
The nation exported 6.99 MMbpd in May, down from 7.45 million a month earlier, according to data Saudi Arabia submits to the Joint Organisations Data Initiative in Riyadh. The shipments were the smallest since September 2011. Crude production rose to 9.71 MMbpd from 9.66 million in April.
Saudi Arabian refiners processed 2.14 MMbpd of crude in May, the highest since at least January 2002, the year when JODI started collecting data from member governments. Crude processing in May went up from 1.85 MMbpd in April, the data showed.
“The record refining volume shows that Saudi Arabia is fulfilling its plans to become a major downstream player,” said Julian Lee, a Bloomberg oil strategist in London who writes for First Word and whose observations are his own. The nation’s 400,000 bpd Jubail refinery is running at about 80% of capacity and a new Yanbu plant of the same size should start operations before the end of the year, he said.
Saudi power plants burned 680,000 bpd compared with 484,000 bbl in April, and 547,000 bbl a year ago. May crude burning was at highest level since August 2013, JODI showed.