Saudi Arabia exported a record amount of gasoline and diesel in January 2018, helping the kingdom to offset the crude production cuts mandated by OPEC, Bloomberg reported.
Data released by the Joint Organizations Data Initiative (JODI) reveals that Saudi shipments of refined fuels rose 27% while crude exports remained in-line with the OPEC-sanctioned cap.
The record figures are a result of the kingdom’s decision to significantly expand its refining capacity in recent years, allowing it to sustain revenues despite cutting their crude output.
The kingdom’s sales of gasoline rose by 51% to 328,000 barrels per day (b/d) amid sliding domestic demand, diesel exports increased by 13% to 803,000 b/d. The exports of both commodities were at their highest levels since the beginning of 2002 and kerosene exports hit record numbers.
Only Iran, Iraq, Kuwait, and the UAE pumped more b/d of crude in January than Saudi Arabia exported in refined fuels.