Saudi Arabia’s crude oil exports hit two-year high in August

Saudi Arabia’s crude oil exports hit a more than two-year high of 7.6 million barrels per day in August, according to data from the Joint Organization Data Initiative.

The Kingdom saw a 3 percent rise from July, recording its highest volume since April 2020. It was also the third month in a row to register a rise.

Inventories

The data also showed that crude production in Saudi Arabia broke the 11 million bpd cap for the third time in the country’s history in August, reaching 11.1 million bpd.

Domestic crude refinery output increased by 38,000 bpd to reach 2.8 million bpd, whereas its direct crude burn increased by 3,000 bpd to reach 664,000 bpd in August.

JODI data revealed that the country’s crude inventories fell by 0.5 million barrels in August, whereas its product inventories grew by 2.3 million barrels.

Earlier this month, the Organization of Petroleum Exporting Countries and its allies, termed OPEC+, decided to cut their output target by 2 million bpd.

Russia and the EU

Furthermore, Russian oil production saw a modest rise to 10 million bpd, down by 260,000 bpd from 2021 prior to the Russia-Ukraine war.

The level of Russian gas production rose marginally for the first time since March 2022, yet was still 31 percent below March levels and at a five-year seasonal low.

FASTFACT

Crude production in Saudi Arabia broke the 11 million bpd cap for the third time in the country’s history.

Prices

Oil prices edged up on Monday in choppy trading as China’s continuation of loose monetary policy was partly offset by fears that high inflation and energy costs could drag the global economy into recession.

Brent crude futures rose 97 cents, or 1.1 percent, to $92.60 a barrel by 1406 GMT, recovering from a 6.4 percent fall last week. US West Texas Intermediate crude was up 1 percent, at $86.46 after a 7.6 percent decline last week.