Saudi Crude Exports Rise MoM

Saudi Crude Exports Rise MoM
An Iraqi worker opens an oil pipeline at al-Shouayba refinery station in Basrah June11, 2003. OPEC on Wednesday agreed to hold the line on oil output and called another meeting in seven weeks time in case recovering Iraqi exports undermine high prices. REUTERS/ Jamal Said JS/CRB – RTRP5WO

Saudi Arabia’s crude exports and total product have risen over two consecutive months from its historical low in June by 1.49 million barrels per day (mmbbl/d) to 6.99 mmbbl/d in August, according to data from JODI.

In terms of just crude oil exports, they rose month-on-month (MoM) to 5.97 mmbbl/d in August, up from 5.73 mmbbl/d in July.

This compares to the Kingdom’s crude output which rose by 500,000 bbl/d to 8.98 mmbbl/d in August.

Saudi domestic crude refinery throughput rose by 23% to 2.58 mmbbl/d in August, while direct crude burn rose by 57,000 bbl/d to 702,000 bbl/d. Domestically, total oil product demand rose by 170,000 bbl/d in August to 2.55 mmbbl/d.

These exporting figures are a reflection of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) production cuts whereby Riyadh has a production target of just under 9 mmbbl/d.  

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