Market Intelligence
Saudi Crude Exports Reach Five-Month High in August Despite Output Drop
Saudi Arabian crude shipments climbed nearly eight percent in August to 4.451 million barrels per day even as national oil output fell to a record low.
Saudi Arabia increased its crude oil exports by approximately 7.9% month on month in August, reaching 4.451 million barrels per day. The figure represents the highest export volume recorded by the kingdom since March, according to Joint Organizations Data Initiative figures reported by Reuters.
The growth in outbound shipments occurred alongside a substantial decline in domestic crude extraction. Saudi oil production dropped to a record low of 6.24 million barrels per day in August, down from 8.135 million barrels per day in July and 6.560 million barrels per day in May.
Domestic refining activity also contracted over the same timeframe. Refinery crude throughput fell by 181,000 barrels per day to 2.297 million barrels per day in August from 2.478 million barrels per day, while previous export data showed shipments at 4.125 million barrels per day in July and 4.974 million barrels per day in March.
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This report was written by the Global Freight editorial desk based on material published by OilPrice.com. It is an original summary and analysis, not a reproduction of the source text. Figures and claims are limited to those present in the source material.
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