Saudi Update October 2018
We do not know where the Khashoggi case will go but what is happening in Saudi Arabia is important for the world.
Jodi data up to Aug 2018, released 19/10/2018 http://www.jodidb.org
Fig 1: Saudi Arabia is crude exporter #1
Note that these are gross exports. The US (which is a net importer of crude) is shown for comparison.
Fig 2: Saudi crude production and exports
Crude oil exports (red line) have been on a bumpy plateau between 7-8 mb/d since 2011, but in 2018 were actually lower than in 2005 when global crude production first peaked. Increases in production (black line) were modest (compared to Saudi’s claimed reserves of 266 Gb) and mainly used domestically:
Fig 3: Use of Saudi crude production (stacked)
The light green area is stock build, the dark red area stock draw (sitting on top of the production curve) and used as refiner intake. See Fig 8 for more details.
Fig 4: Saudi direct crude burn in power plants
This is highly seasonal between 300 kb/d in winter and 600 kb/d in summer.
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