Saudi Arabia’s oil exports hit a five-month high — OilPrice

In Saudi Arabia, crude oil exports in August rose by approximately 7.9% compared with July, to 4.451 million barrels per day. This is the highest figure since March, when exports amounted to 4.974 million barrels per day, OilPrice reports, citing data from the Joint Organizations Data Initiative.

Production declined

At the same time, oil production in the kingdom in August, according to JODI data, fell to a record low of 6.24 million barrels per day. For comparison, it stood at 8.135 million barrels per day in July and 6.560 million barrels per day in May.

In July, Saudi Arabia exported 4.125 million barrels of crude oil per day. Saudi Arabia and other OPEC members submit monthly export figures to JODI; the organization’s Saudi data series has been maintained since 2002.

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Refinery operations

Crude oil processing at Saudi refineries in August decreased by 181,000 barrels per day, to 2.297 million barrels per day, compared with 2.478 million in July. At the same time, direct crude oil burning increased by 43,000 barrels per day, to 604,097 barrels.

UBS analyst Giovanni Staunovo said that Saudi Arabia was able to increase exports by using terminals on both coasts. In his assessment, the recovery in exports could have continued in September and October.