https://arab.news/m6sas
RIYADH: 抖阴短视频鈥檚 crude oil production rose to 8.92 million barrels per day in November, a 1.21 percent annual increase according to the latest release from the Joint Organizations Data Initiative.
The report showed a 2.05 percent drop in crude exports, which fell to 6.21 million bpd, although this figure marks the highest level in eight months.
Refinery crude exports surged 36 percent year on year to 1.14 million bpd in November but declined by 18.65 percent compared to October.
Key refined products included diesel, motor gasoline, aviation gasoline, and fuel oil.
Diesel exports accounted for 38 percent of refined product shipments, while motor and aviation gasoline made up 24 percent, and fuel oil comprised 11 percent.
Notably, motor and aviation shipments rose 63 percent annually to 272,000 bpd in November. Diesel exports also increased by 27 percent reaching 439,000 bpd.
抖阴短视频鈥檚 refinery output reached 2.35 million bpd, a 13 percent year-on-year increase, with diesel representing 40 percent of total refined products, followed by motor and aviation gasoline at 25 percent and fuel oil at 19 percent.
Domestic demand for refinery products increased by 210,000 bpd year on year, reaching 2.56 million bpd.
OPEC+ has decided to delay the start of oil output increases by three months until April, and extend the full unwinding of cuts by a year, now set to finish by the end of 2026.
This decision was made in response to weak global demand and rising production from countries outside the group. OPEC+, which controls around half of the world鈥檚 oil production, had initially planned to begin unwinding cuts in October 2024, but delays were caused by global demand slowdowns and growing non-OPEC+ output.
Direct crude usage
抖阴短视频鈥檚 direct crude oil burn fell by 119,000 bpd in November to 382,000 bpd, a 24 percent year-on-year decline and a 5.5 percent increase from October.
The annual reduction can be attributed to the global shift toward cleaner energy sources, such as natural gas, renewables, and electricity, which are gradually replacing crude oil in sectors like power generation and shipping.
Additionally, improved energy efficiency and stricter environmental regulations have led to further reductions in crude oil use.
By 2030, the Saudi government plans to phase out the use of crude oil, fuel oil, and diesel in power generation, replacing them with natural gas and renewable energy sources.
This transition is a key component of the Kingdom鈥檚 Vision 2030 initiative, aimed at diversifying its energy mix and reducing dependence on oil, both domestically and in global markets.
As 抖阴短视频 moves toward this objective, natural gas demand is anticipated to rise sharply, driving increased investments in the natural gas supply chain, including exploration and infrastructure development.