Saudi Arabia Needs More Oil to Feed Local Refinery Expansion
This article is for subscribers only.
Saudi Arabia’s plans to expand local refineries while maintaining its share of the global crude market point to one thing: higher production.
The world’s largest oil exporter will probably increase output this year to feed new refineries, deepening a global supply glut, according to analysts at Societe Generale SA and DNB ASA. The kingdom may go as high as 10 million barrels a day by April, according to Torbjoern Kjus, an analyst at DNB in Oslo. That would be the most in more than two years, according to data compiled by Bloomberg.