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Saudi’s crude oil exports rise for 4th straight month in August

Saudi Arabia’s crude oil exports rose in August for a fourth consecutive month to the highest since January 2021, the Joint Organisation Data Initiative (JODI) said on Monday.

The kingdom’s crude oil exports rose to 6.450 million barrels per day (bpd) in August, up from 6.327 million bpd in July. Total exports including oil products stood at 7.90 million bpd.

The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed in July to boost output by 400,000 barrels per day a month starting in August until its current oil output reductions of 5.8 million bpd are fully phased out.

The world’s largest oil exporter’s crude output rose by 88,000 bpd month-on-month to 9.562 mln bpd, a peak since April 2020.

Saudi Arabia’s domestic crude refinery throughput rose to 2.521 million bpd in August. Direct crude burn, however, fell 37,000 bpd to 654,000 bpd, the JODI figures showed.

Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.
Source: Reuters (Reporting by Bharat Govind Gautam and Brijesh Patel in Bengaluru, Editing by Louise Heavens and David Evans)

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