Askume, Sept 19 – Saudi Arabia’s crude oil exports in July fell to their lowest level in nearly a year, according to data released by the Joint Organisations Data Initiative (JODI) on Thursday.
The country’s oil exports stood at 5.741 million barrels per day in July, the lowest level since August 2023. Saudi Arabia is the world’s largest crude oil exporter.
OPEC+ oil producers agreed earlier this month to delay plans to raise output in October and November and said they could pause or reverse production increases if necessary.
Saudi Arabia’s crude oil exports in July fell about 5.1% from June’s 6.047 million barrels per day.
At the same time, Saudi Arabia’s production increased from 8.83 million barrels per day to 8.941 million barrels per day.
However, data showed Saudi Arabia refinery crude oil output fell 026,000 b/d to 2.397 million b/d, and direct crude oil combustion rose 211,000 b/d to 769,000 b/d.
Riyadh and other OPEC members provide monthly export data to JODI and publish it on its website.
Saudi Arabia cut the price of October Arab Light crude oil, crucial for Asia, to its lowest level in nearly three years due to concerns about weak demand in the region .
This month, the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) both lowered their oil demand growth forecasts for 2024.
Concerns about Chinese demand weighed on the outlook. Official data showed China’s refining output fell 6.2% year-on-year in August, falling for a fifth consecutive month.
