Saudi Arabia reduced crude oil exports in April but used record supplies domestically for a burgeoning refining industry, Bloomberg’s Wael Mahdi reports.
Shipments in April fell by an average of 160,000 barrels a day, down to 7.6m BPD from 9m BPD in March. The March shipments were the highest in almost a decade, according to Reuters.
“Saudi Arabia began operating a 400,000 barrel-a-day refinery at Yanbu on the Red Sea last year. Another plant with the same capacity is scheduled to begin operation in 2017 at Jazan in the country’s southwest. The kingdom’s oil-product exports rose 44 percent last year following the startup of a refinery in the Gulf port of Jubail, according to JODI data.”
Deputy Crown Prince Mohammed bin Salman, Russian President Vladimir Putin in Moscow.
The figures are released as Saudi Arabia increases its cooperation with Russia on energy and other diplomatic affairs. Although an agreement between Russian Energy Minister Alexander Novak and Saudi Oil Minister Ali al-Naimi “would not be about joint oil production or export strategy,” the discussion of a strategic partnership on energy signals a significant thaw between the two countries.
Saudi Arabia and Russia have also reportedly inked six nuclear agreements, according to Al Arabiya.
