Saudi crude exports highest in over 9 years
Saudi Arabia's crude exports in March reached the highest since November 2005 at just under 7.9 mb/d as crude output hit a record 10.29 mb/d, according to the latest data from JODI. Exports were up 548 kb/d m-o-m and 771 kb/d higher y-o-y amid strong global demand. Saudi Arabia burns more crude to generate power for air conditioning heading into summer. The latest data shows direct crude burning was up 36 kb/d m-o-m at 351 kb/d, just 5 kb/d lower on the year. Last year crude burning rose steadily from March to reach a peak of 899 kb/d in July. It has also been feeding more crude into domestic refineries, however, refinery intake in March was down 175 kb/d m-o-m to the lowest since November.