The displacement of oil from Saudi Arabia’s power generation sector continued apace in November, with the latest Jodi data showing oil burn down a massive 302,000 b/d year-on-year. November oil burn of just 869,000 b/d left Saudi Arabia well placed for a full-year drop in oil burn of 100,000 b/d, with the annual average potentially dropping below 1mn b/d for the first time since 2019 (see chart 1). It averaged 1.012mn b/d over the first eleven months of the year.

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