Saudi exports reached their highest level in November
The crude oil exports from Saudi Arabia reached their highest level in five months in November, marking the third consecutive increase, as indicated by data from the Joint Oil Data Initiative (JODI)
Tuesday, 23 January 2024
The crude oil exports from Saudi Arabia reached their highest level in five months in November, marking the third consecutive increase, as indicated by data from the Joint Oil Data Initiative (JODI).
Saudi crude oil exports rose by 0.6% to 6.336 million barrels per day (bpd), compared to October's 6.297 million bpd. Production, however, declined by 1.4% to 8.818 million bpd.
In November, OPEC+ oil producers agreed to voluntary production cuts totaling about 2.2 million bpd by early 2024, with leadership from Riyadh, which extended its voluntary cut.
November data revealed that crude production from domestic refineries decreased by 0.027 million bpd to 2.089 million bpd, and direct crude burning fell by 30,000 bpd to 501,000 bpd.
Saudi Arabia, the world's largest crude oil exporter, along with other members of the Organization of the Petroleum Exporting Countries (OPEC), provides monthly export figures to JODI, which publishes them on its website.
This month, Riyadh lowered the price of its flagship Arab Light crude for February to its lowest level in 27 months for Asian customers, amidst competition from rival suppliers and concerns about oversupply.
On Wednesday, OPEC maintained its forecast for relatively strong global oil demand growth in 2024 and made an unexpected prediction of a significant consumption increase in 2025, led by China and the Middle East."