Data from the Joint Organizations Data Initiative (JODI) showed that Saudi Arabia’s crude oil exports fell to the lowest level in 19 months, as cheap Russian oil attracted some major Asian buyers.Crude exports from the world’s largest oil exporter fell by 5.3 percent, from 7.32 million bpd in April to 6.93 million bpd in May, the lowest since October 2021.
Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) provide monthly export figures to Judy, which it publishes on its website.
Saudi Arabia’s crude production decreased by 502 thousand barrels per day from April’s level to 9.96 million barrels per day in May, and inventories fell by 1.16 million barrels to 148.24 million barrels.
Local refineries processed 2.59 million barrels per day of crude, down by 100,000 barrels per day, while direct burning of crude rose by 89,000 barrels per day in May to 478,000 barrels per day. The country’s exports of oil products fell by 174,000 bpd to 1.37 million bpd in May.
Data provided by trade and industry sources last month showed that India’s imports of Russian oil rose to a new record high in May, further shrinking the share of Middle East and African crudes.
Chinese government data revealed that the country’s imports of Russian oil also jumped to an unprecedented level in May, with private refiners getting discounted shipments of sanctioned Espoo and Urals crude.
And Saudi Arabia extended earlier this month its voluntary production cut of one million barrels per day until August, and Russia and Algeria voluntarily reduced production levels in August by 500,000 barrels per day, and export levels in the same month by 20,000 barrels per day.
2023-07-17 14:32:01
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