Riyadh – Saudi Arabia’s crude oil exports reached their lowest point in almost a year in July, according to data released by the Joint Organizations Data Initiative (JODI) on Thursday. The country’s exports fell to 5.741 million barrels per day (bpd), the lowest level recorded since August 2023.
As the world’s leading exporter of crude oil, Saudi Arabia’s reduced export figures reflect a notable decline of approximately 5.1% from June’s 6.047 million bpd. Despite this drop in exports, Saudi Arabia’s crude oil production increased to 8.941 million bpd from 8.830 million bpd over the same period.
The data also reveals a slight decrease in Saudi refineries’ crude throughput, which fell by 0.026 million bpd to 2.397 million bpd. Meanwhile, direct crude burning rose by 211,000 bpd to 769,000 bpd.
In response to current market conditions, Saudi Arabia has cut the October price for its flagship Arab Light crude to Asia, reaching the lowest level in nearly three years due to concerns over weak regional demand.
This drop in Saudi crude exports comes amid broader changes in the oil market. Earlier this month, OPEC+ producers decided to delay a planned production increase for October and November, with potential adjustments depending on future market conditions. Additionally, both OPEC and the International Energy Agency (IEA) have recently revised their 2024 oil demand growth forecasts downward, influenced by weakening demand signals from major markets like China.
