Saudi's new refining might gives it an edge in Opec

London

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 (Organization of the Petroleum Exporting Countries) policy.

When it attends Opec's next meeting, 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 five million barrels per day (bpd) of refining capacity, at home and abroad, landing it a place among the global leaders in making oil products. Its own target of eight-10 million bpd of refining firepower would eclipse even ExxonMobil. "Saudi have moved into the product business in a b…