(MENAFN) In August, Saudi Arabia experienced a significant increase in its exports of refined oil products, marking a 16 percent growth compared to the previous month of July. This surge was primarily attributed to higher shipments of diesel, according to data collected from the Joint Organizations Data Initiative (JODI). The total volume of exported refined oil products in August reached 1.3 million barrels per day (bpd), a notable rise from the previous month's 1.1 million bpd.
Refined oil products are the result of processing crude oil within refineries, converting it into various petroleum products for consumers and industries. Diesel exports, in particular, stood out with a remarkable 45 percent growth in August, marking the highest monthly growth rate observed in the last three years, reaching 587,000 bpd.
However, not all refined oil product categories experienced growth. Fuel oil exports in August saw a decline of 15 percent, equivalent to 24,000 bpd, compared to July. Motor and aviation oil exports fell by 7 percent, representing a decrease of 20,000 bpd during the same period.
The JODI database revealed that diesel constituted 44 percent of the total refinery oil exports, followed by motor and aviation oil at 21 percent, and fuel oil at 11 percent. In August, the Kingdom of Saudi Arabia exported 55 percent of its refinery output, a notable increase compared to 44 percent in July. Specifically, 50 percent of the diesel produced in August was exported, compared to 39 percent in July. The Kingdom also exported 31 percent of the fuel oil produced in August, a decrease from the previous month's 39 percent. In the case of motor and aviation gasoline, 40 percent of its output was exported in August, down from 45 percent in the prior month.
Moreover, Saudi Arabia's total production of refined oil products in August reached 2.5 million bpd, indicating a 1.5 percent decline from July. Diesel, contributing 46 percent to the refined output, witnessed a 13 percent increase in August compared to July, reaching 1.2 million bpd, the highest level achieved since last April. Fuel oil, accounting for 18 percent of refinery output, increased by 7.26 percent during the same period. Meanwhile, motor and aviation gasoline, making up 27 percent of the output, experienced a 4 percent increase in August.
Saudi Arabia's dynamic performance in the refined oil product export market highlights its role as a significant player in the global energy sector.
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