The hikes are expected to exert additional financial pressure on Saudi Arabia’s petrochemical sector, which is already grappling with weakened global demand and intensified competition from China and the United States.
Meanwhile, refinery utilization rates decreased to 91.7%, down from 93.3% the previous week. Despite this decline, total gasoline inventories continued to build, rising by 5.9 million barrels to reach 243.6 million barrels.