Saudi Arabia’s August Crude Export Records Low Output Amid Market Stabilisation

Data from the Joint Organisations Data Initiative (JODI) indicated on Monday that Saudi Arabia’s crude exports fell to a 28-month low in August as the largest crude oil exporter in the world continues to limit its production to “stabilise” the market.
The latest accessible data in JODI, a database that gathers self-reported data from numerous nations, show that Saudi Arabia’s crude oil exports decreased to 5.58 million barrels per day (bpd) in August, down 428,000 bpd from July—the lowest level in 28 months.
From a high of over 7.5 million bpd in January, the Kingdom’s crude oil exports have been steadily declining since March of this year.
The decline is attributable to the OPEC+ production cuts, in which Saudi Arabia cut production by about 500,000 bpd, and the voluntary Saudi cut of 1 million bpd, which is now extended until the end of this year.
According to the JODI figures released today, Saudi Arabia’s crude oil output decreased by 95,000 bpd in August to reach 8.92 million bpd, the lowest level in 27 months.
In July of this year, the Kingdom began to put the 1 million bpd voluntary cut into practise.
Saudi Arabia announced in September that it would prolong the further production cut till the end of 2023 after extending it for an additional month for two consecutive months.
The two main OPEC+ members, Saudi Arabia and Russia, announced earlier this month that they will maintain their oil supply restrictions in November despite the spike in crude oil prices in September.
The continuous oil supply curbs, according to Saudi Arabia and Russia, are intended to maintain “stability and balance on the oil markets.”
The Saudi production cuts and the decrease in its crude oil exports have caused the oil market to become more competitive recently.
At the end of September, the decreased supply caused prices to surge to the highest point thus far this year.

Source: allnewsng.com

EntekHub.com

All Author Posts