Saudi Arabia’s crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
Crude exports from the world’s largest oil exporter rose to 6.191 million barrels per day (bpd) from 6.166 million bpd in April.
Saudi’s crude output for May was at 9.184 million bpd, up from 9.005 million bpd in April.
Saudi refineries’ crude throughput was at 2.721 million bpd, up 0.017 million bpd from April’s 2.704 million bpd, the data showed, while direct crude burning increased by 112,000 bpd to 489,000 bpd.
Saudi Arabia and other members of OPEC provide monthly export figures to JODI, which publishes them on its website.
The OPEC+ group comprising OPEC and allies such as Russia, this month agreed to raise production by 548,000 bpd in August, further accelerating output increases at its first meeting since oil prices jumped and then retreated after Israeli and U.S. attacks on Iran.
Five sources familiar with the discussions said that OPEC+ is likely to approve a further increase for September when it meets on August 3.
OPEC+ began to unwind cuts of 2.17 million bpd in April with a boost of 138,000 bpd, followed by further increases in May, June and July despite falling oil prices.
Meanwhile, Saudi Arabia’s energy ministry said the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota.
(Reporting by Anushree Mukherjee in Bengaluru Editing by David Goodman)