Saudi Arabia’s July crude oil exports rise to over 2-year peak

Saudi Arabia’s exports rose 2.5 per cent to 7.38 million barrels per day (bpd) in July — highest since April 2020 — from 7.20 million bpd in June



An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. Saudi’s domestic crude refinery throughput fell about three per cent to 2.763 million bpd in July. — Reuters
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. Saudi’s domestic crude refinery throughput fell about three per cent to 2.763 million bpd in July. — Reuters

By Reuters

Published: Mon 19 Sep 2022, 5:54 PM

Top oil exporter Saudi Arabia’s July crude oil exports gained for a second-straight month to their highest in more than two years, data from the Joint Organisation Data Initiative (JODI) showed on Monday.

Saudi Arabia’s exports rose 2.5 per cent to 7.38 million barrels per day (bpd) in July — highest since April 2020 — from 7.20 million bpd in June.

The country had raised its July crude prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer. It had also raised its OSP for European and Mediterranean buyers, but kept US differentials unchanged.

Saudi Arabia was India’s No. 3 supplier in July, and also retained its spot as the biggest exporter to China during the first half of the year.

Saudi production also climbed to its highest in more than two years to 10.815 million bpd from 10.646 million bpd in the previous month.

Saudi’s domestic crude refinery throughput fell about three per cent to 2.763 million bpd in July, while oil products exports stood at 1.429 million bpd.

Meanwhile, an internal document showed, the Organisation of the Petroleum Exporting Countries and allies (Opec+) fell short of its oil production target by 2.892 million bpd in July.

Earlier this month, Opec and its allies led by Russia agreed on a small oil production cut to bolster prices that have slid on fears of an economic slowdown.

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


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