• 3 minutes CoV-19: China, WHO, myth vs fact
  • 6 minutes Trump reinvented tariffs and it worked
  • 9 minutes IEA Sees First Global Oil Demand Drop in a Decade on Coronavirus
  • 12 minutes Question: Why are oil futures so low through 2020?
  • 2 days "For the Public's Interest"
  • 1 hour Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 1 hour Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 16 hours Natural Gas from Cow Poop Used to Save the Environment and Help Farmers
  • 1 day Coronovairus, Phase One Agreement, Lower for Longer
  • 25 mins The New Class War Exposes the Oligarchs and Enablers
  • 1 hour Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 1 day Weekly U.S. Imports of Crude Oil. No, the U.S. is NOT oil & gas self-sufficient.
  • 11 hours Has Trump put the USA at the service of Israel?
  • 15 hours Is cheaper plastics feedstock on the horizon?
  • 2 days Cheap natural gas is making it very hard to go green
  • 9 hours Solar Cells at 25 Cents Apiece (5 cents per watt)
The $2 Trillion Threat To Middle East Oil

The $2 Trillion Threat To Middle East Oil

The global drive to mitigate…

Green Hydrogen Is Right Around The Corner

Green Hydrogen Is Right Around The Corner

Hydrogen has long been touted…

Saudi Arabia Boosts Diesel And Gasoline Exports

Export

Saudi Arabian diesel and gasoline exports reached record heights in January as the world’s largest oil exporter continues its compliance to the Organization of Petroleum Exporting Countries’ (OPEC) output cut deal.

Crude output remained under the nation’s assigned quota, but the Kingdom increased diesel and gasoline and other fuel shipments by 27 percent to 1.912 million barrels per day in January, the Joint Organizations Data Initiative in Riyadh said. The figure demonstrates Saudi’s aggressive export agenda, which outpaces fuel export rates from October 2016—the month which served as the reference month for determining crude output quotas.

The KSA has spent the last few years expanding domestic refining capacity to keep revenues strong during market downturns. Total Saudi exports of crude and refined fuels stood at 9.082 million barrels per day in January, which is the most since December 2016.

The country will keep its crude exports below 7 million bpd in April as it stays committed to drawing down excess global inventories and boost oil prices, according to an announcement by the Saudi energy ministry last week.

“Despite nominations coming in at 100,000 barrels a day, higher than the previous month, allocations were maintained on par with their March levels,” the ministry said.

For March, Saudi Arabia had pledged to cut additional 100,000 bpd of its oil production and keep its exports below 7 million bpd in a bid to help clear the global oversupply and counteract the oil market volatility in February. The Saudi energy ministry said back in February that oil exports would continue to be below 7 million bpd in March, despite the 400,000-bpd SAMREF refinery shutting down for planned maintenance.

The Saudi energy ministry told Reuters that Saudi Arabia and the other countries part of the production cut deal renewed through 2018 “remain committed to pursuing the common objective of restoring inventories back to their normal levels.”

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News