Saudi Arabia’s crude exports rose about 7.9% in August from July to 4.451 million barrels per day, the highest since March, while its oil production fell to a record low of 6.24 million bpd, the Joint Organizations Data Initiative (JODI) showed Wednesday, Reuters reported. Production was 8.135 million bpd in July and 6.560 million bpd in May.
Exports were 4.125 million bpd in July. In March, they were 4.974 million bpd, JODI data showed in May.
Refinery crude throughput fell by 181,000 bpd to 2.297 million bpd in August from 2.478 million bpd in July, and direct crude burning rose by 43,000 bpd to 604,097 bpd.
Saudi Arabia and other OPEC members provide the monthly export figures that JODI publishes, and its Saudi data goes back to 2002, Reuters reported Aug. 20.
“Despite regional tensions, Saudi Arabia was able to further restore crude export volumes by leveraging terminals on both coasts,” UBS analyst Giovanni Staunovo said. He said he expected the recovery to have continued into September and October.
Gulf oil exporters topped pre-war crude export levels on 14 days in September, provisional Kpler data showed, Reuters reported Oct. 5. Kpler attributed the surge to Saudi Arabia loading from both the Red Sea and the Gulf. Saudi crude and condensate loadings averaged 9.1 million bpd in the week beginning Sept. 21, a post-COVID high, Kpler said Oct. 7.
Reuters reported that the Houthis have attacked Riyadh’s international airport and Saudi Aramco, disrupting flights and oil exports. The Saudi-led coalition said Wednesday it intercepted four drones launched toward the kingdom over the Medina and Eastern regions. The Houthis said Wednesday they had not launched drones toward Medina or conducted military operations toward Saudi Arabia. Government agencies in Riyadh have told employees to work from home, a worker and two consultants told AFP, and the Future Investment Initiative conference, due Oct. 26-29, has been postponed to 2027.
By Charles Kennedy for Oilprice.com
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