��������

RIYADH: ��������’s crude oil exports rose to 6.19 million barrels per day in May, an annual increase of 1.19 percent, according to the Joint Organizations Data Initiative. 

The rise was driven by increased production, which also climbed during the month, rising by 2.12 percent year on year to 9.18 million bpd. 

This marks a continuation of the Kingdom’s phased dialling up of output as OPEC+ producers gradually unwind voluntary cuts introduced in previous years. 

The JODI figures come amid broader market developments in the global oil sector. Earlier this month, eight key OPEC+ producers, including ��������, Russia, and the UAE, agreed to accelerate their phased output increases, announcing a larger-than-expected 548,000 bpd production hike for August.   

The decision, taken during a virtual meeting, reflects confidence in global economic resilience and healthy market fundamentals, according to the OPEC Secretariat. 

The eight-nation subset of the alliance has been gradually reversing 2.2 million bpd of voluntary production cuts separate from the bloc’s formal policy, with �������� playing a leading role. 

This follows earlier monthly hikes of 411,000 bpd in May, June, and July, with a new, steeper increase slated for August. 

��������’s refined oil exports saw a sharper uptick, growing by 12.12 percent to reach 1.37 million bpd in May. 

This growth was largely driven by a 25 percent year-on-year surge in shipments of motor and aviation gasoline, which reached 325,000 bpd. Despite this increase, other major refined components recorded declines — gas diesel exports fell 2.62 percent to 594,000 bpd, while fuel oil shipments dropped 3 percent to 161,000 bpd. 

Gas diesel remained the dominant component of refined exports, accounting for 43 percent of the total, followed by motor and aviation fuels at 24 percent, and fuel oil at 12 percent. 

Refinery crude output in the Kingdom declined by 7.64 percent year on year, settling at 2.72 million bpd. 

Direct crude burn, the use of crude oil for domestic power generation, rose by 23 percent in May compared to the same month of 2024, reaching 48,000 bpd, according to JODI. 

This year-on-year increase is likely driven by a combination of factors, including the continued population growth across the Kingdom, which has expanded residential and commercial power consumption.

RIYADH: Saudi utility giant ACWA Power has signed multiple agreements to export renewable electricity and green hydrogen to Europe, marking a major step in the Kingdom’s efforts to become a global clean energy hub. 

The deals, signed during an international workshop in Riyadh under the supervision of the Ministry of Energy, aim to build integrated systems for cross-border energy exports. 

The event, titled “Exporting Renewable Energy and Green Hydrogen,” underscores ��������’s strategic push to lead the India-Middle East-Europe Economic Corridor by leveraging its geographic position between East and West, the Saudi Press Agency reported. 

The agreements support the Kingdom’s target to generate 50 percent of its electricity from renewable sources by 2030 and to become the world’s largest exporter of green hydrogen, with plans to produce 1.2 million tons annually by the end of the decade. 

The SPA report stated: “The agreements and memoranda of understanding signed by ACWA Power at the workshop included a multilateral memorandum of understanding with leading European companies, including Italy’s Edison, France’s TotalEnergies, the Netherlands’ ZeroEurope, and Germany’s ENPW, to export electricity generated from renewable energy sources from the Kingdom to Europe, while assessing commercial potential and European market trends toward sustainable energy solutions.” 

ACWA Power also signed memoranduma of understanding with global leaders in electrical interconnection and high-voltage DC transmission technologies, including Italy’s CESI as an independent technical adviser, as well as Prysmian, GE Vernova, Siemens Energy, and Hitachi. The partnerships aim to develop advanced cross-border transmission corridors to enhance supply reliability and infrastructure efficiency.  

In collaboration with Germany’s EnBW, ACWA Power also launched the first phase of the Yanbu Green Hydrogen Hub, an integrated project designed to help meet global demand for low-emission energy. The facility is expected to begin commercial operations in 2030. 

The project will feature renewable electricity generation, water desalination, electrolysis units, hydrogen-to-ammonia conversion, and a dedicated export terminal. It is intended to support ��������’s ability to produce clean energy at competitive costs while meeting rising global industrial demand for sustainable energy solutions. 

The workshop and accompanying agreements highlight the Kingdom’s competitive advantages and reinforce its leadership in global energy transition efforts. The Ministry of Energy said the initiative supports ��������’s commitment to energy security, regional integration, and its Vision 2030 goals. 

With a net-zero emissions target by 2060, �������� is investing heavily in both green and blue hydrogen. ACWA Power and Saudi Aramco are spearheading several major projects, including a hydrogen venture in NEOM, to solidify the Kingdom’s role in the future hydrogen economy.