Saudi Arabia’s crude oil exports in August rose to their highest level in six months, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday.
Crude exports increased to 6.407 million barrels per day (bpd) from 5.994 million bpd in July, marking their highest level since February 2025.
Saudi Arabia, the world’s largest oil exporter, recorded crude output of 9.722 million bpd in August, up from 9.201 million bpd in July.
Refinery crude throughput in the kingdom fell to 2.902 million bpd in August, a 2.6% decline from July’s 2.978 million bpd, JODI data revealed, while direct crude burning decreased slightly by 1,000 bpd to 607,000 bpd.
“They have unwound the production cuts, so they produce more and there is more oil available, but considering that the official selling prices were still very elevated, the demand remains somehow contained,” said UBS analyst Giovanni Staunovo.
“For September we should see a further increase just out of the fact that temperatures in the Middle East were declining, so there was more crude available for exports.”
Saudi Arabia and other OPEC members submit monthly export figures to JODI, which publishes them on its platform.
Earlier in October, OPEC+ announced it would raise oil output targets by 137,000 bpd starting November, maintaining the same incremental increase as October amid concerns over a potential supply glut.
The OPEC+ alliance, which includes Russia and other smaller producers, has boosted oil production targets by over 2.7 million bpd this year, equivalent to roughly 2.5% of global demand.
The International Energy Agency (IEA) predicted earlier this month that the global oil market could see a possible surplus of up to 4 million bpd next year, as OPEC+ and rival producers increase output while demand remains weak.
In contrast, Saudi crude exports to China are expected to drop in November to about 40 million barrels, with Chinese refiners likely shifting to cheaper spot supplies from other Middle East producers, sources familiar with the matter said earlier this month.
(Reporting by Anmol Choubey in Bengaluru; Editing by Shailesh Kuber)