Saudi Crude Exports Hit Five-Month High as Production Falls to Record Low
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…
Saudi crude exports surged to a five-month high of 4.451 million barrels per day in August, while oil production plummeted to a record low of 6.24 million bpd, according to data from the Joint Organizations Data Initiative (JODI). This decline in production marked a significant drop from July's 8.135 million bpd and May's 6.560 million bpd.
Exports had reached 4.125 million bpd in July and 4.974 million bpd in March, according to JODI records dating back to 2002. Saudi Arabia's refinery throughput decreased by 181,000 bpd to 2.297 million bpd, while direct crude burning increased by 43,000 bpd to 604,097 bpd. Analysts expect the export recovery to continue into September and October, despite regional tensions.
The Saudi-led coalition intercepted four drones launched toward the kingdom, but the Houthis denied launching any drones or conducting military operations. The ongoing attacks have led to the postponement of the Future Investment Initiative conference scheduled for October 26-29, 2023.
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