Saudis May Have Drawn on Heavy Crude Inventories
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Saudi Arabia may have used some of the heavy crude it has in storage to meet export requirements last month, according to an analyst based in the kingdom.
Demand for heavy crude rises in the Northern Hemisphere winter as it yields more fuel oil, said Sadad al-Husseini, who runs Husseini Energy, a consulting company he founded after retiring from Saudi Arabian Oil Co. Fuel oil is used in power generation in some Asian markets.