SANA’A -Saudi Arabia is set to become a significant buyer of refined petroleum products, after attacks on Saturday forced it to shut down more than half of its crude and some of its gas output, consultancy agency Energy Aspects said.
“The loss of gas has impacted refinery operations, possibly curtailing runs by 1 million barrels per day, releasing medium and heavy crude for export,” it said.
State oil firm Saudi Aramco will likely buy significant quantities of gasoline, diesel and possibly fuel oil while cutting liquefied petroleum gas exports.
About 5.7 million barrels per day of Saudi crude production was shut down on Saturday after Yemeni drone strikes.
In addition to oil, the attacks have disrupted 18% of natural gas production and 50% of the production of ethane and gas liquids in the Kingdom, Energy Aspects said.
About half of Saudi Arabia’s lost crude production is likely to resume by Monday, but a full resumption is likely to take weeks, according to the company.
The quality of Arab light crude and Arab light crude, the agency reported, may also have been affected by the large amount of hydrogen sulfur, which reduced the “appetite” of refineries.
Exports will be maintained by withdrawing 50-60 million barrels of domestic crude stocks, mostly in Ras Tanura, according to the company.