Saudi Arabia’s crude oil exports rose for a fourth straight month in September to the highest in 29 months, data from the Joint Organisations Data Initiative (JODI) showed on Nov. 17.

Crude exports rose about 1.6% to 7.721 million bbl/d in September—the highest since April 2020—from 7.601 million bbl/d in August.

The world’s largest oil exporter’s crude production, however, fell to 11.041 million bbl/d in September from 11.051 million bbl/d in the previous month.

Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.

Reuters - Saudi Arabia crude oil exports rose for a fourth straight month in September Graph
(Courtesy of Reuters)

OPEC on Nov. 14 cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates.

In October, OPEC and allies—known as OPEC+—decided to lower targeted production and OPEC’s de-facto leader Saudi Arabia said the cut of 2 million bbl/d was necessary to respond to rising interest rates in the West and a weaker global economy.

The group is expected to hold its next meeting in Vienna on Dec. 4.

Saudi’s domestic crude refinery throughput decreased by 108,000 bbl/d to 2.693 million bbl/d in September, while direct crude burn fell 142,000 bbl/d to 522,000 bbl/d.

Meanwhile, state oil firm Saudi Aramco said on Nov. 17 it planned to invest in a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil Corp.’s refining complex in the city of Ulsan.

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