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Saudi Arabia’s crude oil exports increased by 170,000 barrels per day (bpd) to 5.75 million bpd in September, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
Exports from the world’s top crude oil exporter inched up from the 28-month low in August when the Kingdom shipped on average 5.58 million bpd as it continued to cut its production to “stabilize” the oil market.
At the same time, Saudi Arabia’s direct crude oil burn fell by 120,000 bpd to 606,000 bpd in September, according to the latest available data in JODI, which compiles self-reported data from many countries.
The Kingdom’s crude oil exports fell in each of the months between March and August, from a high of over 7.5 million bpd in January, due to the OPEC+ cuts in which Saudi Arabia reduced production by around 500,000 bpd, and to the voluntary Saudi cut of 1 million bpd, which is now extended until the end of this year.
Despite the fact that Saudi crude oil exports inched up in September compared to August, they were still low by historical standards—well below the five-year average and the five-year range.
Crude oil production in Saudi Arabia increased by 57,000 bpd month-on-month to 8.98 million bpd in September, per JODI data, as the Kingdom continued to stick to the voluntary cut and pumped – as pledged – around 9 million bpd.
Earlier this month, Saudi Arabia said that it would continue with its extra voluntary production cut of 1 million bpd in December and will pump around 9 million bpd next month, as it has been doing since July.
“This voluntary cut decision will be reviewed next month to consider extending the cut, deepening the cut, or increasing production,” the Saudi Press Agency reported in early November, citing an official source from the Ministry of Energy.
By Charles Kennedy for Oilprice.com
Charles is a writer for Oilprice.com