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Saudi January crude exports hit three-month high

Saudi Arabia’s crude oil exports rose nearly 3% in January to a three-month high, data from the Joint Organisations Data Initiative (JODI) showed on Thursday.

The country’s crude exports rose to 7.66 million barrels per day (bpd) in January from 7.44 million bpd in December.

The world’s largest oil exporter’s crude production was slightly up at 10.45 million bpd from 10.44 million bpd in December.

Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.

Saudi Arabian oil giant Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the previous year on higher energy prices, increased volumes sold and improved margins for refined products.

Saudi’s domestic crude refinery throughput fell to 2.577 million bpd in January, and direct crude burn fell 165,000 bpd to 312,000 bpd.

Aramco Chief Executive Amin Nasser said on Sunday that the oil market would remain tightly balanced in the short to medium term, adding that he was cautiously optimistic.

Meanwhile, global crude oil production fell to a seven-month low, driven by declines in Canada, Iraq, Russia, and Bahrain, the International Energy Forum said, citing JODI data.

Kuwait’s oil minister told state news agency (KUNA) that efforts by the Organization of Petroleum Exporting Countries and their allies, known as OPEC+, to stabilize oil markets through a unanimously agreed production cut were wise.
Source: Reuters (Reporting by Ashitha Shivaprasad and Seher Dareen in Bengaluru; Editing by David Goodman and Emelia Sithole-Matarise)

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