The country, the world’s largest crude oil exporter, recorded exports of 5.671 million barrels per day (bpd) in August, marking the lowest level since August 2023. This represents a 1.2% decline from July’s figure of 5.741 million bpd.
Despite the decrease in exports, Saudi Arabia’s oil production increased to 8.992 million bpd, up from 8.941 million bpd in July. The country’s refinery throughput also rose by 324,000 bpd to reach 2.721 million bpd, and direct crude burning grew by 45,000 bpd to 814,000 bpd.
Oil prices have remained steady as investors await U.S. inventory data. Meanwhile, OPEC members, including Saudi Arabia, continue to report their monthly export figures to JODI. Both OPEC and the International Energy Agency recently lowered their forecasts for global oil demand growth in 2024, with China being the primary driver of the downgrades.
Supply cuts from OPEC and its allies, including Russia, are expected to remain in effect until December, after which some members may begin to ease restrictions. In the meantime, Saudi Arabia raised its November prices for its flagship Arab light crude to Asia, reaching the highest level since July.
