RIYADH: The Cairo-Jeddah air route has been ranked as the second-busiest international flight corridor in 2024, with approximately 5.5 million available seats, according to a new report.

The analysis, conducted by global travel data provider the Official Airline Guide, revealed that airline capacity on this route has surged by 14 percent compared to 2023, and has increased by 62 percent compared to 2019.

This growth is aligned with Saudi Arabia’s broader efforts to enhance its aviation sector, which is a key part of its Vision 2030 strategy.

These efforts include strengthening the country’s airlines, logistics services, cargo infrastructure, and other support industries to boost tourism and make the Kingdom a global aviation hub.

The expansion also contributes to Saudi Arabia’s target of attracting 150 million visitors annually by the end of the decade.

John Grant, chief analyst at OAG, attributed the rapid growth of the Cairo-Jeddah route to significant investments under Vision 2030, as well as longstanding ties between the two cities, which have historically seen high volumes of worker traffic and, more recently, increased business activity in consultancy and services.

He also noted that the easing of travel restrictions for entry into Saudi Arabia and the rise of low-cost carriers have contributed to the route’s growth.

The report also highlights a 19.1 percent capacity gap between the second and first-place routes. Hong Kong-Taipei holds the title of the world’s busiest international route in 2024, with 6.8 million available seats.

The Seoul Incheon-Tokyo Narita route ranks third with 5.4 million seats, just 58,818 seats behind Cairo-Jeddah, while Kuala Lumpur-Singapore Changi follows closely in fourth place with 5.4 million seats, only 28,293 behind third.

The Bangkok-Hong Kong route has made a significant leap into the Top 10 Busiest International Routes for 2024, ranking seventh with 4.2 million seats. This marks a 29 percent increase in capacity compared to 2023, although it still lags 13 percent behind the 2019 levels.

Asia dominates the top 10, with seven of the busiest routes located in the region. Other notable routes include New York JFK to London Heathrow and two Middle Eastern routes: Cairo-Jeddah and Dubai-Riyadh. The Jeddah-Riyadh route has also seen impressive growth, with capacity increasing by 10 percent in 2024 compared to the previous year.

These trends highlight the growing demand for air travel in and out of the Middle East, particularly in Saudi Arabia, which continues to make strides toward achieving its ambitious goals under Vision 2030.

RIYADH: Saudi Arabia’s crude oil production rose to 8.97 million barrels per day in October, a 0.36 percent increase year on year, according to the latest data from the Joint Organizations Data Initiative. 

The report noted a 5.91 percent drop in crude exports, which fell to 5.92 million bpd. Domestic petroleum demand also declined by 96,000 bpd year on year, reaching 2.49 million bpd. 

Refinery crude exports surged 35 percent year on year to 1.41 million bpd in October but declined by 9 percent, or 139,000 bpd, compared to September. 

Key refined products included diesel, motor gasoline, aviation gasoline, and fuel oil. Diesel exports accounted for 46 percent of refined product shipments, while motor and aviation gasoline made up 20 percent, and fuel oil comprised 13 percent. Notably, gas diesel shipments rose 43 percent to 641,000 bpd in October. 

Saudi Arabia’s refinery output reached 2.74 million bpd, a 29 percent year-on-year increase, with diesel representing 45 percent of total refined products, followed by motor and aviation gasoline at 25 percent and fuel oil at 17 percent. 

OPEC+ recently extended its supply cuts — initially implemented to stabilize the market — by an additional three months, pushing them through March 2025.  

These voluntary cuts, amounting to 2.2 million bpd, will be phased out gradually between April 2025 and September 2026, with room for adjustments based on market conditions.  

The alliance, which includes major producers such as Saudi Arabia and Russia, is withholding 5.86 million bpd, roughly 5.7 percent of global demand, as part of measures introduced since 2022.  

The agreement, made during the 38th OPEC and non-OPEC Ministerial Meeting, also allows the UAE to increase output by 300,000 bpd starting in April 2025.  

Despite these efforts, Brent crude prices have remained steady, trading between $70 and $80 this year.  

Direct crude usage 

Saudi Arabia’s direct crude oil burn fell by 169,000 bpd in October to 362,000 bpd, a 32 percent year-on-year decline and a 30.1 percent drop from September. This marks the lowest level in seven months, driven by seasonal demand shifts and structural changes in the Kingdom’s energy strategy. 

The reduction is largely attributed to cooler temperatures in October, which significantly decreased electricity demand, particularly in regions reliant on air conditioning during the summer. Additionally, improvements in the Kingdom’s electricity infrastructure have reduced reliance on crude oil as a backup energy source.