• 5 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 37 mins Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 21 hours Something wicked this way comes
  • 9 hours America's Frontline Doctors - Safely Start Living Again!
  • 11 hours France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 1 day A sneak peak into the US election
  • 11 hours Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 18 hours Permian in for Prosperous and Bright Future
  • 2 days covid. stop the carriers and thus stop the virus.
  • 21 hours Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 1 day California’s Electric Vehicle Dream Has A Major Problem: No
  • 2 days "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 2 days Vote Biden for Higher Oil Prices
  • 2 days Ethanol present in gasoline
  • 3 days Is the coal industry on the way out?
  • 3 days Tucker Carlson responds to CDC after agency critiques commentary about mask-wearing
Brent Oil Unlikely To Rise Above $43 Until After U.S. Election

Brent Oil Unlikely To Rise Above $43 Until After U.S. Election

The international oil benchmark Brent…

Could Big Oil’s Shift To Renewables Be Good For Prices?

Could Big Oil’s Shift To Renewables Be Good For Prices?

Big oil’s shift toward renewable…

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

Oil Prices Rise As Saudi Exports Hit 33-Month Low

Saudi Arabia’s crude oil exports in June dropped to their lowest level in 33 months, while Saudi oil inventories were down to a level last seen in early 2012, according to data by the Joint Organizations Data Initiative (JODI), suggesting that Saudi exports had likely further dropped in July and continue to fall in August.

Saudi crude oil exports fell in June by 35,000 bpd from May to hit a 33-month low at 6.89 million bpd, while crude oil stockpiles hit a 65-month low, or the lowest since January 2012, at 257 million barrels.  

“You can assume exports will fall even further going forward because they can’t keep running down stockpiles,” Amrita Sen, an analyst at Energy Aspects in London, told Bloomberg.

In addition, Saudi Arabia is one of the few countries that burns oil to produce electricity, and the summer season with scorching heat is a peak demand season for the domestic electricity needs to keep air conditioning running.

Saudi Oil Minister Khalid al-Falih said last month that OPEC’s biggest producer and exporter would further cut its crude oil exports in August, to 6.6 million bpd, which would be nearly 1 million bpd lower than the exports in the summer of 2016.

The Saudis are also significantly cutting their crude oil exports to the United States, after Riyadh stated a couple of months ago that it would purposely reduce exports to the U.S. to force a reduction in the world’s most transparently reported inventory. 

On Wednesday, the EIA reported a hefty draw in U.S. commercial oil inventories a day after the API surprised analysts by estimating inventories had declined by 9.2 million barrels. Related: Has Gulf Of Mexico Production Peaked?

The EIA calculated that commercial inventories of crude oil had gone down by 8.9 million barrels in the week to August 11, after a draw of 6.5 million barrels a week earlier.

Oil prices, however, did not rally on the hefty draw, because the EIA also reported that U.S. crude oil production rose last week to 9.502 million bpd from 9.423 million bpd the previous week, to the highest weekly level since the third week in July 2015.  

As of 11:01 AM CST, WTI is up 0.26 percent at $46.90 per barrel. Find more oil prices from across the world on the Oil Price Charts page. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News