• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 12 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 10 mins In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 1 day Will Uncle Sam Step Up and Cut Production
  • 5 hours Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 6 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 4 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 14 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 2 days Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 6 hours US Petroleum Demand Strongest Since 2007
  • 22 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 3 days I think I might be wrong about a 2020 shakeout
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudi Oil Inventories Continue To Plummet

In July, Saudi Arabia saw its highest crude oil stocks draw in eight months at 5.51 million barrels, after the Kingdom unexpectedly reduced its production compared to June while it kept exports stable, S&P Global Platts reported on Tuesday, citing data by the Joint Organizations Data Initiative (JODI).  

The Saudi crude oil inventories have been dropping for three years, and have declined by 11.4 percent since May 2017, according to JODI data, as carried by Platts. In July, Saudi Arabia’s crude inventories stood at 229.41 million barrels.

According to data by the JODI database, which collects self-reported oil figures from 114 countries, Saudi Arabia’s crude oil exports in July dropped by 126,000 bpd month on month, to 7.12 million bpd.

Saudi oil production was 10.29 million bpd in July, as self-reported by Saudi Arabia to both JODI and OPEC.

Refinery runs were 2.77 million bpd, a slight drop from 2.79 million bpd in the previous month, while direct use of crude oil for power generation in July went up to 580,000 bpd, compared to 468,000 bpd in June, according to the JODI figures as reported by Platts.  

After the drop in the Saudi oil production in July—which baffled the market and analysts—Saudi Arabia raised its production in August. Related: Norway’s Offshore Oil Boom Is Back On

Saudi Arabia’s oil production inched up 38,000 bpd from July to 10.401 million bpd in August, according to OPEC’s secondary sources.

Saudi Arabia self-reported to OPEC that its production in August increased by 124,000 bpd from the July self-reported figure of 10.29 million bpd, to 10.412 million bpd in August.

The market will be expecting indications and signs for Saudi oil production and policies this month, with this weekend’s Algiers meeting of an OPEC and non-OPEC monitoring panel to review the state of the oil market, and with reports that Saudi Arabia may be okay letting Brent Crude prices go above $80 a barrel.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Frank on September 18 2018 said:
    Same bs story for the last 18 months. The largest consumer in the world(the US), who also happens to have the only transparent supply data, has a massive surplus with no end in sight. 400M barrels, a level never seen before 2015 in all of US history. And production continues to grow.

    But magically Saudi reserves, amount the least transparent in the world, are plummeting! Sure they are. Chinese demand has flattened and US imports from SA are way down. Try selling a believable story.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play