Gasoline stocks in Saudi Arabia fell to their lowest point in more than six years in July as refineries cut production at the same time when domestic gasoline demand picked up amid easing on travel bans. Gasoline consumption rose 13% from 421,000 bpd in June to 475,000 bpd in July. However, it was still below the 2019 average of 550,000 bpd, data from the Joint Organisations Data Initiative showed.
Gasoline inventories dropped to just above 25 million barrels in July, the lowest since May 2014 and 28% lower than 34.94 million barrels in the same month last year. At the same month, refiners cut the combined output of refined products, excluding LPG, to around 2 million bpd, 17% lower than a year earlier. Jet fuel production fell by the most at 45% below the year-ago level.
Middle distillates stockpiles decreased 4% to 46.28 million barrels in July from 48.08 million barrels in the corresponding month last year, with jet fuel stocks plunging by 10% over the same period. Jet fuel consumption increased to 39,000 bpd in July from 32,000 bpd in June but remained below the 2019 average of 103,000 bpd.
