Saudi Arabia’s crude oil exports in September rose to their highest level in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
The country’s exports in September rose by 0.080 million barrels per day (bpd) to 5.751 million bpd from 5.671 million bpd in August.
Saudi Arabia is the world’s largest exporter of crude.
At the same time, Saudi’s production fell to 8.975 million bpd from 8.992 million bpd in August.
Saudi refineries’ crude throughput rose by 0.035 million bpd to 2.756 million bpd, the data showed, while direct crude burning decreased by 296,000 bpd to 518,000 bpd.
Riyadh and other members of OPEC provide monthly export figures to JODI, which publishes them on its website.
On the other hand, OPEC cut its 2024 global oil demand growth forecasts, highlighting weakness in China, India, and other regions, marking the producer group’s fourth consecutive downward revision in the 2024 outlook.
The IEA forecasts global oil supply to exceed demand by more than one million barrels per day in 2025, even if cuts remain in place from OPEC+.
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 cut.
Meanwhile, Saudi cut its December price for the flagship Arab light crude it sells to Asia by 50 cents to $1.70 a barrel above the Oman/Dubai average.
(Reporting by Rahul Paswan in Bengaluru; Editing by Tasim Zahid)