Saudi crude oil exports hit 2-year high of 7.6m bpd in August: JODI

Saudi crude oil exports hit 2-year high of 7.6m bpd in August: JODI

RIYADH: Saudi Arabia’s crude oil exports hit a more than two-year high of 7.6 million barrels per day in August, according to data from the Joint Organization Data Initiative. The Kingdom saw a 3 percent rise from July, recording its highest volume since April 2020. It was also the third month in a row to register a rise. The data also showed that crude production in Saudi Arabia broke the 11 million bpd cap for the third time in the country’s history in August, reaching 11.1 million bpd. Domestic crude refinery output increased by 38,000 bpd to reach 2.8 million bpd, whereas its direct crude burn increased by 3,000 bpd to reach 664,000 bpd in August. JODI data revealed that the country’s crude inventories fell by 0.5 mb in August, whereas its product inventories grew by 2.3 mb. Earlier this month, the Organization of Petroleum Exporting Countries and its allies, termed OPEC+, decided to cut their output target by 2 million bpd. The global oil demand increased by more than 2millon bpd in August after dropping counter-seasonally — pulled up by the US, China, Japan, Saudi Arabia, and Indonesia — whereas the global crude output rose by almost 500,000 bpd