Saudi crude oil exports, output rise in June

Saudi crude oil exports, output rise in June

Oil hit a six-month low after a brief rally as concerns about the prospect of a global recession

Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia. Production in June rose to its highest level in over two years, to 10.646 million bpd from 10.538 million bpd in May. — Reuters file photo

By Reuters Published: Wed 17 Aug 2022, 5:17 PM

Saudi Arabia’s crude oil exports rose in June, while output increased to a more than two-year high, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday.

Crude exports in June rose about two per cent to 7.196 million barrels per day from about 7.050 million bpd reported for May.

Production in June rose to its highest level in over two years, to 10.646 million bpd from 10.538 million bpd in May.

Saudi Aramco is ready to ramp up crude oil output to its maximum capacity of 12 million bpd if requested to do so by the Saudi Arabian government, the state oil company’s chief executive said on Sunday.

Saudi’s domestic crude refinery throughput rose 100,000bpd to 2.849 million bpd, a record high for June, while direct crude burn rose 105,000bpd to 687,000bpd.

Saudi Arabia’s crude exports to India in July