Thursday, July 29, 2021

Saudi Arabia’s Oil Exports at Four-Month High

Saudi Arabia’s crude oil exports rose in May to 5.649 million barrels per day (bpd), their highest level in four months, Joint Organisations Data Initiative (JODI) said on its website on Monday.

Crude oil exports rose from 5.408 million bpd in April, while the country’s total oil (crude oil and total oil products) exports stood at 6.94 million bpd in May compared with 6.62 million bpd the previous month.

The world’s largest oil exporter’s crude output rose by 0.410 million bpd month-on-month to 8.544 mln bpd in May, the JODI figures showed.

Saudi Arabia’s domestic crude refinery throughput rose 0.094 million bpd to 2.389 million bpd in May, while direct crude burn rose 44,000 bpd to 451,000 bpd.

Saudi crude stocks rose 1.690 million barrels to 135.775 million barrels in May.

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

OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic.

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

(Reporting by Swati Verma in Bengaluru. Editing by Jane Merriman)

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