• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 20 hours Iranian government can do everything to avoid attacking American people.
  • 4 hours What's the Endgame Here?
  • 2 hours Canada / Iran
  • 11 hours Gravity is a scam!
  • 7 hours 10 Rockets hit US Air Base in Iraq
  • 3 hours Remember: Only the Poor Can Reach the Kingdom of God
  • 8 hours IRAQ / USA
  • 12 hours Wind Turbine Blades Not Recyclable
  • 11 hours Tales From The Smoke Shack and beyond.
  • 12 hours US Shale: Technology
  • 12 hours History’s Largest Mining Operation Is About to Begin
  • 20 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
Alt Text

Bad News For Oil: Refinery Profits Are Sliding

Oil prices are falling back…

Alt Text

Oil Tanks As Trump Claims Iran Is Standing Down

Oil prices fell on Wednesday…

Alt Text

Asian Oil Buyers Unfazed By Iran Crisis

Oil prices rose and fell…

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