RIYADH: Saudi Arabia’s crude oil exports fell to their lowest in five months in May despite near-record production, as the Organisation of the Petroleum Exporting Countries (Opec) kingpin turns itself into a major refined-fuels power and as domestic consumption rises.
Saudi Arabia, the world’s top crude oil exporter, shipped 6.935 million barrels per day (bpd) on average in May, down from 7.737m bpd in April and the lowest since December, official data showed on Sunday.
As crude exports slide, the Opec producer is offering customers millions of barrels of diesel from new refineries as it turns itself into a major supplier of refined oil products, potentially triggering a price war with Asian competitors as its exports feed into a glut.
Saudi Arabia’s massive refineries are now processing more of its crude at home, moving the country into a tie with Royal Dutch Shell as the world’s fourth-largest refiner and enabling it to export more fuel products than ever before.