Saudi Arabia’s Oil Exports Hits Four Months High

Saudi Arabia reached its peak level in crude oil exports in four months, as informed by Joint Organizations Data Initiative (JODI) on Monday.

Saudi Arabia's Oil Exports Hits Four Months High
Image Via: Tommy Chia SG via AP

Export of crude oil from the country rose from 5.408 million barrels per day (BPD) in April, while the country’s net oil (crude oil and total oil products) exports were at 6.94 million BPD in May compared with 6.62 million BPD the previous month.

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The JODI figures showed that the world’s largest oil exporter’s crude output has been elevated by 0.410 million BPD month-on-month to 8.544 million BPD in May. Saudi Crude Stocks were also boosted from 1.690 million barrels to 135.775 million barrels in May.

The rate of production of Saudi Arabia’s domestic crude refinery has increased from 0.094 million BPD to 2.389 million BPD in May, while direct crude burn has increased from 44,000 BPD to 451,000 BPD.

OPEC Plus ministers recently agreed to augment oil supply from August to ease the prices which have risen to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic.

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The group, which consists of OPEC countries and allies like Russia, agreed on new production allocations from May 2022 after Saudi Arabia and other countries agreed to a request from the United Arab Emirates (UAE). 

Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) provided the monthly export figures to the Joint Organizations Data Initiative (JODI), which published the same on its website.

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