Saudi Arabia’s crude oil production saw a modest increase of 1.21% in November, reaching 8.92 million barrels per day, according to data from the Joint Organizations Data Initiative.
Despite a 2.05% drop in overall crude exports to 6.21 million barrels per day, this level marked an eight-month high. Meanwhile, refinery crude exports jumped 36% year-on-year to 1.14 million barrels per day, although they fell 18.65% from October.
Key refined products include diesel, motor gasoline, aviation gasoline, and fuel oil. Diesel exports constituted 38% of the shipments, motor and aviation gasoline 24%, and fuel oil 11%. Notably, motor and aviation gasoline shipments surged 63% annually to 272,000 barrels per day, while diesel exports rose 27% to 439,000 barrels per day.
The refinery output increased by 13% year-on-year to 2.35 million barrels per day, with diesel making up 40% of the total, followed by motor and aviation gasoline at 25% and fuel oil at 19%. Domestic demand for refinery products rose to 2.56 million barrels per day, up by 210,000 barrels year-on-year.
OPEC+ has delayed its planned oil output increase by three months to April, extending the full unwinding of production cuts to the end of 2026. This decision responds to weak global demand and rising output from non-OPEC+ countries. Originally, the cuts were to ease in October 2024.
Saudi Arabia’s direct crude oil usage decreased by 24% annually to 382,000 barrels per day in November, though it rose 5.5% from October. This reduction aligns with a global move towards cleaner energy sources like natural gas and renewables, driven by enhanced energy efficiency and environmental regulations.
Under Vision 2030, Saudi Arabia aims to eliminate crude oil, fuel oil, and diesel in power generation, substituting them with natural gas and renewable energy. This shift is expected to boost natural gas demand significantly, spurring investments in exploration and infrastructure development.