{"id":109258,"date":"2026-05-21T00:00:00","date_gmt":"2026-05-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=109258"},"modified":"2026-05-21T03:13:02","modified_gmt":"2026-05-21T03:13:02","slug":"saudi-crude-exports-fall-to-record-lows-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/05\/21\/saudi-crude-exports-fall-to-record-lows-in-march\/","title":{"rendered":"Saudi crude exports fall to record lows in March"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, all.<\/strong> We have another busy issue to wrap up the week, led by the landmark trade agreement between the Gulf and the UK, which is said to add bns to the UK economy every year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** A QUICK PROGRAMMING NOTE-<\/strong> EnterpriseAM Saudi is taking a publication holiday and will be back in your inboxes on Sunday, 31 May.<\/p>\n<p class=\"tag-border-left\"> Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>OIL \u2014<\/strong> <strong>Saudi Arabia\u2019s crud<\/strong><strong>e oil exports dropped to a record low of 5 mn bbl \/ d in March<\/strong>, down 2.3 mn bbl \/ d, according to <a target=\"_blank\" href=\"https:\/\/www.jodidata.org\/oil\/database\/customisable-charts\/jodi-highlights\" style=\"\">Jodi data<\/a>. Refinery crude throughput dropped by 746k bbl \/ d to 2.3 mn bbl \/ d. Crude production also fell by 3.9 mn bbl \/ d to a record low of 7 mn bbl \/ d. Meanwhile, direct crude burn also increased by 82k bbl \/ d to 330k bbl \/ d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The culprit is hardly a surprise: <\/strong>Flows passing through the Strait of Hormuz were completely disrupted when the conflict erupted in early March. Ramping up exports via the East-West pipeline and using inventories stored abroad \u201cshould have helped the Kingdom to recover exports later in the month,\u201d UBS analyst Giovanni Staunovo told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-arabia-march-crude-exports-drop-lowest-record-jodi-says-2026-05-20\/\" style=\"\">Reuters<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Opec and the IEA both cut their 2026 global oil demand growth outlooks amid the war\u2019s economic fallout. Opec now expects demand growth of 1.2 mn bbl \/ d in 2026, down from 1.4 mn bbl \/ d previously. The IEA, meanwhile, flipped from forecasting a surplus to projecting a 1.8 mn bbl \/ d supply deficit in 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>AVIATION \u2014 Tickets for <\/strong><strong>Riyadh <\/strong><strong>Air\u2019s Riyadh-London route are now up for sale. <\/strong>The airline is introducing its first commercial Boeing 787-9 Dreamliners starting 1 July, after flying the route using its technical spare \u201cJamila\u201d aircraft since October 2025, according to a <a target=\"_blank\" href=\"https:\/\/www.riyadhair.com\/en\/media-hub\/riyadh-air-introduces-new-boeing-787-9-dreamliners-on-riyadh-lon\" style=\"\">press release<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of a wider plan: <\/strong>The airline had plans to expand to 100 cities by 2030 and add two destinations every two months. The official summer rollout comes as <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/19\/can-riyadh-air-defy-a-rewritten-gulf-sky\/\" style=\"\">analysts<\/a> question whether Riyadh Air\u2019s ambitious plans are viable amid regional turbulence that is still affecting the wider aviation industry in the Gulf and beyond.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Sports<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Esports hosting<\/strong><strong> honors shift from Riyadh to Paris: <\/strong>This year\u2019s Esports World Cup (EWC) tournament will be hosted in Paris instead of Riyadh due to the \u201ccurrent regional situation,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.esportsworldcup.com\/en\/news\/ewc26-to-be-hosted-in-paris-france\" style=\"\">statement<\/a> by the annual sporting event. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters: <\/strong>By shifting to Paris, the Esports World Cup is dealing a major blow to the Kingdom\u2019s PIF-backed gaming strategy, which is important for diversification efforts under Vision 2030 and for expanding Saudi Arabia\u2019s cultural footprint. Last year\u2019s EWC hit viewership records, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/01\/05\/from-buyer-to-builder-3\/\" style=\"\">drawing 750 mn global viewers<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What about the Esports Nations Cup? <\/strong>The statement did not comment on the status of the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/01\/05\/from-buyer-to-builder-3\/\" style=\"\">Esports Nations Cup (ENC)<\/a> \u2014 last we heard, the biennial tournament is set to debut in Riyadh this November.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>10.2% \u2014 that\u2019s <\/strong><strong>how <\/strong><strong>much the Kingdom\u2019s Operating Revenues Index rose <\/strong><strong>y-o-y in March<\/strong>, according to Gastat\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1260.pdf\" style=\"\">Short-Term Business Indicators report (pdf)<\/a>. The annual increase was driven mainly by gains in mining and quarrying (25.5%), financial and ins. activities (17.6%), wholesale and retail trade and motor vehicle repair (4.6%), construction (4.8%), and manufacturing (4%). The only sector to contract was professional, scientific, and technical activities, which fell by 0.8%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>The Employees Compensation Index jumped 10% y-o-y. Meanwhile, issued building permits dropped 0.7% y-o-y, even as construction compensation rose 7.9% annually.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PSA<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Traf<\/strong><strong>fic on <\/strong><strong>Othman bin Affan Road<\/strong><strong> will be temporarily diverted starting today<\/strong>, with three main lanes active in each direction, as the development of the axis\u2019 intersection with King Salman Road commences, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2592247\" style=\"\">SPA<\/a> reports.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\">logistics<\/a> industry, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\">MENA <> India<\/a> corridor?`<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/newsletters\/\" style=\"\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The big story abroad <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re inching closer to what will be the largest IPO ever <\/strong>after <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/bound-mars-elon-musks-spacex-unveils-filing-blockbuster-ipo-2026-05-20\/\" style=\"\">SpaceX filed publicly<\/a> late last night. Now the world is sitting tight in anticipation of the rocket maker\u2019s imminent Nasdaq debut. We dive into the full story and what it means for the Gulf in this morning\u2019s Planet Finance, below.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The return of monetary tightening? <\/strong>The latest <a target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcminutes20260429.htm\" style=\"\">meeting minutes<\/a> from the Federal Reserve indicate the central bank\u2019s willingness to raise interest rates if inflation maintains its growth trajectory above 2%. Prior to this development, CME Group data <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/central-banking\/fed-minutes-reveal-support-for-rate-hikes-if-inflation-proves-persistent-97e63b1c?mod=economy_lead_story\" style=\"\">showed<\/a> interest rate futures markets pricing in a nearly 50% chance of at least one quarter point rate hike in 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, in the tech world: <\/strong>Nvidia <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a7aa26d1-1bad-407f-8bff-4ae491cb8ce0?syn-25a6b1a6=1\" style=\"\">announced<\/a> USD 80 bn in stock buybacks and an increase in its dividend payout yesterday, after 1Q sales grew 85% y-o-y to USD 81.6 bn, surpassing expectations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More on the Warner Bros. buyout: <\/strong>To finance Paramount\u2019s takeover of Warner Bros. Discovery, Bank of America and Citigroup are <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-20\/banks-eye-30-billion-of-high-grade-bonds-for-warner-bros-lbo\" style=\"\">gauging investor appetite<\/a> for a massive debt package. Early talks indicate a mix of around USD 30 bn in high-grade bonds, USD 12 bn in junk bonds, and USD 7.5 bn in loans.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Esports hosting honors shift from Riyadh to Paris<\/p>\n","protected":false},"author":1,"featured_media":109259,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[2425,10,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-109258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-energy","tag-enterpriseam-ksa","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"bb18c34e-f898-4cf1-8cfb-f114f1ff6e23","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/5\/1334.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Crude exports dip to record lows","related_issue":[109256],"teaser":"Plus: Esports hosting honors shift from Riyadh to Paris"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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