SAUDI DATA: April crude exports fall to lowest since June 2020: JODI
Saudi Arabia’s exports of crude oil in April were at their lowest since June 2020 as it continued to hold down production well below its OPEC quota, figures from the Joint Organizations Data Initiative showed.
The OPEC kingpin exported 5.408 million b/d in April, down from 5.427 million b/d in March, according to JODI data published June 17.
Saudi Arabia in February began cutting an extra 1 million b/d of its crude production to help support oil prices, and only began to unwind this additional cut starting in May as the market has steadily recovered from the coronavirus crisis.
Under the supply accord between OPEC, Russia and other allies, Saudi Arabia’s production quota was 9.12 million b/d.
Saudi refinery runs fell to 2.295 million b/d in April, while direct use for power generation rose to 407,000 b/d, according to the JODI data.
Combining the exports, refinery runs and direct use figures shows that Saudi Arabia supplied 8.110 million b/d to the market.
That is below its crude production of 8.134 million b/d for the month, and the JODI data showed a stock build of 747,000 barrels, or 24,900 b/d.
The slight build in stocks came after the inventory levels had shrunk in March for the fifth straight month to their lowest since JODI began compiling the figures in January 2002.
The country’s oil product exports, including LPG, naphtha, motor and aviation fuels, kerosene and diesel, rose to 1.216 million b/d from 1.109 million b/d in March, which had been the lowest since November.
The JODI database is maintained by the Riyadh-based International Energy Forum.