Saudi oil product exports up 19.7% in February; highest monthly gain since May 2020

RIYADH: Saudi Arabia’s refined oil product exports surged 19.7 percent in February, representing the highest monthly increase since May 2020, according to data from the Joint Organization Data Initiative, also known as Jodi.

Total exports of refined oil products grew by 279,000 barrels per day during the month to reach 1.695 million bpd.

The growth in export volumes is mainly attributed to the increase in output of motor and aviation gasoline, as well as fuel oil. 

While motor and aviation gasoline saw a 52 percent growth month on month in February, fuel oil saw a 29 percent growth during the same period.

The third component of the Kingdom’s main product output, diesel oil, reported an increase of 3.2 percent.

Product output and exports are growing at a faster rate when compared to crude oil. While product output and exports saw 26.9 percent and 87.7 percent increases respectively during the period, crude oil output and exports reported 10.6 percent and 27.4 percent correspondingly.

When looking at annual dynamics, Saudi Arabia is experiencing overall growth in terms of input and output since the beginning of 2021.