Crude exports from Saudi Arabia, the world's largest oil exporter, extended a decline in June to the lowest on record, official data showed on Aug. 20, as global demand remained squeezed by the COVID-19 pandemic.
Exports fell 17.3% from the month before to 4.98 million bbl/d, their lowest since at least January 2002, data from the Joint Organizations Data Initiative (JODI) showed.
Total oil shipped from Saudi Arabia, including oil products, fell 18.7% to 6.08 million bbl/d from 7.48 million bbl/d in May, while crude stocks rose by 5.8 million barrels to 153.35 million, the official figures showed.
International benchmark Brent crude futures have rebounded sharply since plunging to their lowest in two decades in April, as economies gradually reopened and output curbs eased concerns of oversupply. But they remain down about 32% so far this year.
To offset the slump in global demand, OPEC and its allies, a group known as OPEC+, said record output cuts that began in May would deepen in August and September.
The kingdom's crude production dropped nearly 12% to 7.48 month-on-month in June, a trough since December 2002.
Saudi's domestic crude refinery throughput fell 4.7% to 1.84 million bbl/d in June, while direct crude burn rose by 62,000 bbl/d to 469,000 bbl/d.
Saudi total oil products demand in June rose by 330,000 bbl/d to 2.16 million bbl/d, data on the JODI website showed.
Monthly export figures are provided by Riyadh and other members of OPEC to the JODI, which publishes them on its website.
Recommended Reading
EY: How AI Can Transform Subsurface Operations
2024-10-10 - The inherent complexity of subsurface data and the need to make swift decisions demands a tailored approach.
Now, the Uinta: Drillers are Taking Utah’s Oily Stacked Pay Horizontal, at Last
2024-10-04 - Recently unconstrained by new rail capacity, operators are now putting laterals into the oily, western side of this long-producing basin that comes with little associated gas and little water, making it compete with the Permian Basin.
E&P Highlights: Sept. 23, 2024
2024-09-23 - Here's a roundup of the latest E&P headlines, including Turkey receiving its first floating LNG platform and a partnership between SLB and Aramco.
E&P Highlights: Oct. 28, 2024
2024-10-28 - Here’s a roundup of the latest E&P headlines, including a new field coming onstream and an oilfield service provider unveiling new technology.
E&P Highlights: Aug. 19, 2024
2024-08-19 - Here’s a roundup of the latest E&P headlines including new seismic solutions being deployed and space exploration intersecting with oil and gas.