Saudi crude exports rise in December from a five-month low

Saudi crude exports rise in December from a five-month low

The kingdom’s crude exports rose about 2.2 per cent to 7.44 million barrels per day (bpd) in December from 7.28 million bpd in November

Saudi’s domestic crude refinery throughput fell 40,000bpd to 2.62 million bpd in December, while direct crude burn rose 48,000bpd to 477,000bpd.

By Reuters Published: Mon 20 Feb 2023, 6:58 PM

Saudi Arabia’s crude oil exports rose in December after falling to a five-month low the previous month, data from the Joint Organisations Data Initiative (JODI) showed on Monday.

The kingdom’s crude exports rose about 2.2 per cent to 7.44 million barrels per day (bpd) in December from 7.28 million bpd in November.

However, the world’s largest oil exporter’s crude production fell slightly from 10.47 million bpd in November to 10.44 million bpd.

Saudi’s domestic crude refinery throughput fell 40,000bpd to 2.62 million bpd in December, while direct crude burn rose 48,000bpd to 477,000bpd.

Earlier this month, Saudi Arabia raised prices for its flagship crude for Asian buyers for the first time in six months amid an expectation of oil demand recovery, especially from China.

Saudi Arabia emerged as top crude oil supplier to China again in 2022 and is expected to remain so after President Xi Jinping’s visit to Riyadh in December.

Monthly export figures