Recent data from the Joint Organisations Data Initiative (JODI) has shown that Saudi Arabia’s crude oil export dropped to its lowest level in 21 months in June, to 6.80 million b/d, reports Engine.
Drop in exports
Saudi Arabia’s crude oil exports totalled 6.80 million b/d in June, down 124,000 b/d from the previous month, latest data from the JODI showed. This drop in exports came one month before the country decided to extend its voluntary production cuts of 1 million b/d in July.
The country’s crude oil output in June also hit a nineteen-month low at 9.96 million b/d, a decrease of 300,000 b/d from May, the report stated. Meanwhile, its crude inventories saw a build of 1.45 million bbls in June to 149.69 million bbls.
Direct burning of crude oil in Saudi Arabia increased by 65,000 b/d to 543,000 b/d in June.
Voluntary output cuts
Earlier this month, Saudi Arabia and Russia, the two leading oil producers of the Organization of the Petroleum Exporting Countries and its allies’ group (OPEC+), decided to extend their voluntary output cuts to include September. The move was aimed at stabilising the global oil market.
Saudi Arabia will extend its voluntary production cuts of 1 million b/d into September, while Russia will slash its output by 300,000 b/d. Moreover, the oil-producer group confirmed that the output cuts will be extended to next year.
The JODI data is accumulated from monthly figures provided by Riyadh’s government and other members of OPEC.
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Source: ENGINE
