Saudi Arabia has invested heavily in its downstream sector in recent years as it seeks to diversify its economy away from a dependency on crude oil sales. As diversification goes, it hardly counts as ending the kingdom’s “addiction to oil” (MEES, 29 April 2016), but the kingdom is starting to reap the benefits of its investment as records tumbled in 2016.

With more capacity under construction, last year’s records are set to fall again in the near future. While the...