Saudi Arabia’s crude exports drop to two-year low in July
Saudi Arabia’s crude oil exports in July fell to their lowest for more than two years, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
Crude exports from the world’s largest oil exporter fell to 6.01 million barrels per day (bpd) in July,down about 11.6% from the previous month’s 6.8 million bpd and the lowest since June 2021.
Saudi Arabia made a deep cut to its output in July, the biggest reduction in years, on top of a broader OPEC+ deal to limit supply into 2024.
Saudi crude output fell to 9.01 million bpd in July, down 943,000 bpd from June, while inventories fell by 2.96 million barrels to 146.73 million.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website.
Domestic refineries processed 3,000 bpd less crude at 2.56 million bpd, while direct crude burn rose by 49,000 bpd in July to 592,000 bpd. The country’s oil products exports fell by 203,000 bpd to 1.14 million bpd in July.
Saudi Arabia and Russia this month announced they would extend voluntary oil cuts to the end of the year despite a rally in the oil market.
Their extension of oil output cuts to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said last week.
Meanwhile, Saudi Arabia raised its October official selling price for its Arab light crude to Asian buyer.
Source: Reuters (Reporting by Anjana Anil and Brijesh Patel in Bengaluru, Editing by David Goodman)