Saudi Arabia’s oil exports reached 6.721 million barrels per day (b/d) in June, down from 6.942 million b/d in May, according to Zawya.
Oil shipments fell on a monthly basis as Saudi Arabia maintained its production level below 10 million b/d last month to help avoid a global supply glut and support oil prices.
It worth noting that Saudi Arabia’s oil production fell to 9.6 million barrels per day (b/d) in July, decreasing by around 200,000 b/d compared with June, and is expected to stay below the 10 million b/d level in the coming months.
Saudi production quota under the production cut agreement, sponsored by the Organization of the Petroleum Exporting Countries (OPEC), is 10.3 million b/d, and the Saudi Minister of Energy, Khalid Al-Falih has recently assured that his country will continue with the production cuts until the end of Q1 2020.
The world’s top oil exporter produced 9.782 million b/d in June, up from 9.670 million b/d in May, according to data from the Joint Organizations Data Initiative (JODI).
Saudi’s local refineries processed 2.505 million b/d in June, up from 2.464 million b/d in May, according to JODI. Exports of refined oil products in June were slightly higher at 1.276 million b/d, from 1.260 million b/d the month before, the data showed.
Saudi Arabia plans to keep its crude oil exports below 7 million b/d in August and September to ensure market balance.