GULF* CRUDE BURN WAS DOWN 29% (180,000 B/D) IN 1H18: SAUDI BURN WAS DOWN 10%, IRAQ’S BY ALMOST THREE QUARTERS AND KUWAITI BURN FELL TO ZERO
 
GULF COUNTRIES HAVE BIGGED UP GAS-TO-POWER AND RENEWABLES ADDITIONS, BUT FUEL OIL USE IS UP 95,000 B/D (12%) EQUATING TO MORE THAN HALF THE CRUDE ‘SAVINGS’...
 
…SO OVERALL OIL BURN** SAVINGS ARE MORE MODEST, RANGING FROM 3% FOR KUWAIT FOR 1H18 TO 10% FOR IRAQ
F=FORECAST. *SAUDI ARABIA, IRAQ, KUWAIT AND THE...