Saudi Refinery Output Surges 5% Annually in Dec. 2024
Saudi Arabia's refinery output reached 2.54 million barrels per day (bpd) in December. This marks a 5% annual increase, according to Joint Organizations Data Initiative (JODI) figures. Fuel oil constituted 18.2% of total refinery output. Annual production rose 7%, reaching 464,000 bpd. Meanwhile, gas diesel—40% of the refinery mix—fell 5% yearly. Motor and aviation fuel surged 5%, representing 24.7% of total output.
Refined crude exports dropped 1% to 1.13 million bpd in December. Diesel dominated exports at 36%, while motor/aviation gasoline contributed 20%. Fuel oil comprised 15% of shipments. Domestically, refinery product demand dipped slightly, falling 26,000 bpd annually to 2.29 million bpd. OPEC+ Maintains Cautious Output Strategy
OPEC+ nations continue coordinating output cuts to stabilize global markets amid fluctuating prices. In December, the group delayed production hikes until April 2024. This decision extends supply adjustments through 2026, addressing weak demand and non-OPEC+ oversupply. The alliance retains flexibility to adapt output based on market shifts, prioritizing long-term balance and stable prices.
Saudi Arabia reduced direct crude oil burn by 24,000 bpd in December. This usage, for power generation, fell 8% annually to 279,000 bpd. Colder weather and energy efficiency gains drove the decline. Energy Minister Prince Abdulaziz bin Salman reiterated Saudi Arabia's commitment to sustainable practices at the Egypt Energy Show. Saudi-Egypt Energy Partnership Strengthens Regional Ties
Saudi firms will develop five Egyptian solar/wind projects, totaling 1.696 gigawatts with SR6.2 billion ($1.65 billion) investments. ACWA Power also secured a deal for Egypt's largest wind initiative—a 2GW South Hurghada plant worth SR8.6 billion. The SR6.7 billion Saudi-Egypt Electricity Interconnection Project will enable 3,000 MW exchanges, boosting regional energy integration.
These initiatives align with Saudi Arabia's Vision 2030 goals, emphasizing renewable energy and cross-border collaboration. OPEC+ and regional partnerships underscore the Kingdom's dual focus on market stability and sustainable transition, balancing oil sector dynamics with global economic and environmental trends.
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