• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 3 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 6 hours Indonesia Stands Up to China. Will Japan Help?
  • 3 hours US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 10 hours Shale Oil Fiasco
  • 24 hours Might be Time for NG Producers to Find New Career
  • 10 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 7 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 17 hours Beijing Must Face Reality That Taiwan is Independent
  • 1 day Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 21 hours Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 1 day China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
The Shipping Industry’s $1 Trillion Problem

The Shipping Industry’s $1 Trillion Problem

The global shipping industry is…

Saudi Crude Oil Exports Drop To 2-Year Low In September

Oil tanker

Saudi Arabia’s crude oil exports dipped to a 22-month low of 6.67 million bpd in September, when the Kingdom was hit by attacks on its oil infrastructure that knocked 5 percent of global daily supply offline for weeks.

According to data released on Monday by the Joint Organisations Data Initiative (JODI) database, which collects self-reported figures from 114 countries, Saudi crude oil exports in September declined by 211,000 bpd from August.

After the attacks on September 14, Saudi officials reassured the oil market that not a single oil shipment to customers would be skipped, although the Kingdom has reportedly offered to ship some customers  different crude grades from what they had nominated.   

Due to the attack on Saudi oil, OPEC’s total production slumped by 1.318 million bpd from August to 28.491 million bpd in September. This was the steepest month on month drop in OPEC’s production in more than a decade and a half.

According to OPEC’s secondary sources, production in Saudi Arabia plunged by 1.28 million bpd to 8.564 million bpd in September. The Saudis, however, self-reported to OPEC that production was down by just 660,000 bpd in September from August, at 9.129 million bpd.

In October, Saudi Arabia’s production recovered, according to OPEC’s official figures released last week. OPEC’s crude oil production jumped by nearly 1 million bpd in October compared to September after top producer Saudi Arabia recovered from the mid-September attacks on its oil infrastructure, more than offsetting losses in restive Ecuador and trying-to-comply Iraq and Nigeria. Saudi Arabia boosted production by 1.094 million bpd from September to 9.890 million bpd in October, and it is still

overcomplying with its share of the cuts by more than 400,000 bpd.

While the Saudis restored production to pre-attack levels, they have been cutting total exports to below the 7-million-bpd mark for several months, trying to reduce supply to the most transparently reported inventories in the U.S., while keeping—and where possible boosting—their market share in Asia.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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