Saudi Arabia reined in gasoline exports in October as regional supplies remained tight because of domestic refinery turnarounds in the fourth quarter.
Gasoline exports fell to 185,000 b/d in October from 321,000 b/d in September and 307,000 b/d in the same month in 2022, according to latest data from the Joint Organisations Data Initiative (Jodi). This is the lowest since January 2023, when exports were 115,000 b/d.
Exports fell when the 460,000 b/d Satorp refinery in Jubail, jointly operated by state-controlled Saudi Aramco and TotalEnergies, started a scheduled turnaround. The shutdown prompted rare gasoline imports by Aramco and TotalEnergies from the Amsterdam- Rotterdam-Antwerp (ARA) region to Yanbu in October, according to traders.
Saudi Arabia was the Middle East region’s second largest gasoline supplier in 2023, accounting for around 31pc of overall gasoline shipments, according to preliminary data from oil analytics firm Vortexa. But tight regional supplies cut into its exports to key African markets, and only 81,000t of gasoline departed Saudi ports in October compared with 210,000t in September, Vortexa data show.
Saudi Arabia also boosted gasoline imports to ease the supply crunch, shipping in 126,000 b/d in October from 100,000 b/d in September, according to Jodi. Local gasoline demand was 530,000 b/d in October, compared with 517,000 b/d in September.
Gasoline markets in the Middle East were under pressure from strong domestic demand and scheduled maintenance in at least three refineries in India, an important supplier. This led to more gasoline arriving from unusual destinations like Singapore and Europe in the last three months of 2023, with Saudi Arabia taking in most of these cargoes.
An unplanned shutdown of a gasoline unit at Saudi Arabia’s 400,000 b/d PetroRabigh refinery in December could curb exports in the first quarter of 2024, according to traders. PetroRabigh is a joint venture between Aramco and Japanese trading firm Sumitomo.
