Saudi Arabia Forced to Boost Fuel Oil Imports as Gas Output Dips

Saudi Arabia is importing more fuel oil than before, to use in power generation as its natural gas production reverses direction and declines, Reuters has reported, citing Rystad Energy. OPEC’s number-one oil producer and exporter has had to slash output because of the Strait of Hormuz closure, with the shut-in amount estimated at over 3 million barrels daily. With it, some natural gas extraction as a by-product has dropped, too, prompting the rise in fuel oil imports. These stood at an average of 360,000 barrels daily last month, according…