Monday, May 27, 2024

Saudi Arabia’s oil exports hit a 19-month low in May

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Saudi Arabia’s crude oil exports fell to a 19-month low, data from the Joint Ventures Data Initiative (JODI) showed, as cheaper Russian oil attracted some key Asian buyers.

(Image – Getty Images)

Saudi Arabia’s crude oil exports fell about 5.3 percent, from 7.32 barrels per day in April to 6.93 million barrels per day in May, the lowest level since October 2021, Reuters news agency reported.

Saudi Arabia’s crude oil exports fell to a 19-month low, data from the Joint Ventures Data Initiative (JODI) showed, as cheaper Russian oil attracted some key Asian buyers.

Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) provide JUDI with monthly export figures, which it publishes on its website.

Saudi Arabia’s crude oil production fell by 502,000 barrels per day to 9.96 million barrels per day in May from April levels, while inventories fell by 1.16 million barrels to 148.24 million barrels.

Local refineries processed 2.59 million barrels of crude oil per day, down 100,000 barrels per day, while crude direct burning rose 89,000 barrels per day to 478,000 barrels per day in May.

Exports of the country’s petroleum products fell by 174,000 barrels per day to 1.37 million barrels per day in May.

Data from business and industry sources last month showed India’s Russian oil imports rose to a new record high in May, further reducing the share of Middle Eastern and African crudes.

Russian oil imports rose to unprecedented levels in May, Chinese government data showed, as private refiners received discounted shipments from embargoed “Espoo” and “Ural” crudes.

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Earlier this month, Saudi Arabia extended production cuts of one million barrels per day until August. Russia and Algeria voluntarily cut output by 500,000 barrels per day in August and export levels by 20,000 barrels per day in the same month.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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