Saudi Arabia’s crude oil exports in August fell to their lowest level in a year, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
The country’s oil exports stood at 5.671 million barrels per day (bpd) in August, their lowest level since August 2023. Saudi Arabia is the world’s largest exporter of crude.
Saudi’s crude exports in August fell by about 1.2% from July’s exports of 5.741 million bpd.
At the same time, Saudi’s production rose to 8.992 million bpd from 8.941 million bpd.
Saudi refineries’ crude throughput rose by 0.324 million bpd to 2.721 million bpd, the data showed, while direct crude burning increased by 45,000 bpd to 814,000 bpd.
Riyadh and other members of OPEC provide monthly export figures to JODI, which publishes them on its website.
On the demand side, OPEC and the International Energy Agency this week cut their 2024 global oil demand growth forecasts, with China accounting for the bulk of the downgrades.
Supply curbs by OPEC and its allies including Russia remain in place until December when some members are scheduled to start unwinding one layer of cuts.
Meanwhile, Saudi raised its November price for flagship Arab light crude to Asia to its highest since July.
(Reporting by Rahul Paswan in Bengaluru; Editing by Daren Butler)