Saudi Arabia, the world’s biggest oil exporter, shipped the least crude in almost three years in May as domestic refineries processed record amounts and power plants also increased consumption, official data showed. The nation exported 6.99 million barrels a day in May, down from 7.45 million barrels a month earlier, according to data Saudi Arabia submits to the Joint Organisations Data Initiative in Riyadh. The shipments were the smallest since September 2011. Crude production rose to 9.71 million barrels a day from 9.66 million in April. Saudi Arabian refiners processed 2.14 million barrels a day of crude in May, the highest since at least January 2002, the year when JODI started collecting data from member governments. Crude processing in May went up from 1.85 million barrels a day in April, the data showed. “The record refining volume shows that Saudi Arabia is fulfilling its plans to become a major […]