Saudi Arabia’s rapid transition into one of the world’s largest oil refiners adds an extra dimension to the oil exporter’s role as the driver of OPEC policy. When it attends OPEC’s next meeting in two weeks, it does so with major new state-of-the-art oil refineries that can profit from cheaper crude and reviving world fuel demand – exactly as international oil firms have over the past six months. The kingdom now has stakes in more than 5 million barrels per day (bpd) of refining capacity, at home and abroard, landing it a place among the global leaders in making oil products. Its own target of 8-10 million bpd of refining firepower would eclipse even ExxonMobil. “Saudi have moved into the product business in a big way,” said Fereidun Fesharaki, chairman of FGE energy. Its oil trading arm, Aramco Trading, could soon find at least two thirds of its […]