• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 6 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 1 hour OPEC will consider all options. What options do they have ?
  • 12 hours Russia Accuses U.S. Of Stoking Tensions With Missile Test
  • 3 hours What to tell my students
  • 3 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 3 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 16 hours With Global Warming Greenland is Prime Real Estate
  • 7 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 4 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 3 mins Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 1 day Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 23 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 19 hours Get First Access To The Oilprice App!
Alt Text

Oil Markets Face Nightmare Scenario

Financial markets saw their worst…

Alt Text

Oil Rises As Market Awaits Saudi Move Counter Glut

Despite another gloomy demand forecast…

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
Download on the App Store Get it on Google Play