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Saudi Arabia is expected to burn more crude oil for power generation this summer than it did last year. This increase comes as the country raises production following OPEC+’s decision to ease supply limits, according to analysts and industry sources.
By using more crude oil for electricity, Saudi Arabia may help ease worries about a global oversupply of oil. This comes after OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies like Russia, agreed to boost production by nearly 1 million barrels per day in April, May, and June.
The higher cost of fuel oil is another reason Saudi Arabia is turning to crude oil for power generation.
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