Saudi crude oil exports seen to drop by 2018
- Saudi Arabia: Sunday, January 13 - 2013 at 02:57
Saudi Arabia's drive to build new refineries is expected to lead to a decline in its maximum capacity to export crude over the next five years, Reuters has reported. The three new refineries, each able to process 400,000 barrels per day (bpd) of mainly heavy crude, could consume nearly one tenth of the kingdom's current officially declared production capacity of 12.5 million bpd when they are all fully operational in 2017, the report said. The new refineries will result in lower exports of Arab Heavy crude, one of the Saudi grades, pushing up its prices, said Fereidun Fesharaki, chairman of Facts Global Energy. "Despite growing demand at home, most of the products will go to exports and have a regional impact on product markets and the flow of products globally," Fesharaki said.
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