• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 2 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 15 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 22 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 21 hours An Indian Opinion on What is Going on in China
  • 1 day Can Technology Keep Coal Plants Alive and Well?
  • 2 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 4 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 19 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 24 hours Storage of gas cylinders
  • 4 days Nord Stream - US/German consultations

Saudi Arabia Raised June Crude Oil Exports To Five-Month High

Saudi Arabia’s crude oil exports hit a five-month high in June at nearly 6 million barrels per day (bpd) as the world’s top oil exporter, and the entire OPEC+ group continued to ease the cuts amid recovering global demand.

Saudi Arabia’s crude oil exports in June rose for a second consecutive month to reach 5.965 million bpd, data from the Joint Organisations Data Initiative (JODI) showed on Thursday.

That’s the highest export volume since January 2021 and compares with 5.649 million bpd in crude oil exports for May 2021, according to JODI, which compiles self-reported data from the countries.

The last time the Saudis exported more than 6 million bpd was in January this year when the Kingdom’s crude exports hit 6.582 million bpd.

But it was in January 2021 when the Saudis surprised the market with the decision for a unilateral cut of 1 million bpd, while the OPEC+ group was only slightly easing the cuts due to the concessions to Russia and Kazakhstan.

At the following OPEC+ meeting in early March, Saudi Arabia surprised the market yet again, saying it would keep the extra cut into April instead of only in February and March as originally planned. OPEC+ decided not to ease the cuts in April—except for a combined 150,000 bpd increase for Russia and Kazakhstan—as the group was looking to tighten the market and keep its powder dry until it sees tangible proof of rebound in global oil demand.

Starting this month, OPEC+ plans to add 400,000 bpd of supply every month until all 5.8 million bpd remaining cuts are restored.

Yet, in view of the faltering demand growth with soaring Delta variant cases in many major economies, including in the world’s top oil importer China, analysts increasingly believe that OPEC+ may have to recalibrate the pace of the easing of the cuts at some point over the next few months. The group’s regular monthly meeting is scheduled to take place on September 1.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News