Saudi Arabia’s domestic crude consumption is expected to pick up strongly going into the summer season, but with the kingdom intent on meeting global oil demand by keeping production high, it is likely to draw on its stocks at home and abroad, analysts at Barclays Capital said in a research note Monday. “To meet the incremental call at a time when the kingdom’s domestic requirements are set to increase as well, raises the possibility of a draw down on the kingdom’s crude and product stocks, in our view”, Barclays said. Saudi crude production has averaged 9.9 million b/d for the year up to April, up 3% year on year, Barclays said, citing the latest data released Thursday by the Riyadh-based Joint Organizations Data Initiative (JODI). Saudi wellhead production was stable at 10.308 million b/d in April, while exports dropped by 2% to 7.737 million b/d compared with March. Article […]