• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 5 hours The Political Debacle: Brexit delayed
  • 6 hours No Mercy: EU Fines Google $1.7 billion For Abusing Online Ads Market
  • 8 hours Trump sells out his base to please Wallstreet and Oil industry
  • 7 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 15 hours Tidal Power Closer to Commercialisation
  • 5 hours New Rebate For EVs in Canada
  • 17 hours Read: OPEC THREATENED TO KILL US SHALE
  • 16 hours Will Trump Cave Again
  • 16 hours Solar to Become World's Largest Power Source by 2050
  • 7 hours Biomass, Ethanol No Longer Green
  • 4 hours Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 23 hours Oil stocks are heating up again! What's on your Watchlist?
  • 22 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
Has The U.S. Lost The Nordstream 2 Battle?

Has The U.S. Lost The Nordstream 2 Battle?

The Nordstream 2 pipeline has…

Saudis Boosted Oil Exports, Pumped At Record Level In Early November

oil pipeline

Saudi Arabia’s crude oil exports hit their highest in 20 months in September, while the Kingdom’s production in early November appears to have hit the highest on record, on the back of high customer requests made in early October when the market feared a hefty loss of Iranian supply this month.

According to data by the Joint Organisations Data Initiative (JODI) database, which collects self-reported oil figures from 114 countries, Saudi Arabia’s crude oil exports in September rose by 219,000 bpd from August to a 20-month high of 7.43 million bpd. This was the highest export level since the OPEC/non-OPEC production cut deal began in January 2017.

Saudi oil production stood at 10.5 million bpd in September, and Saudi Arabia also drew 93,000 bpd from its crude inventories to supply the market, run its refineries, and feed power generation plants.

The JODI data has a two-month lag, but more recent reports say that Saudi Arabia has pumped record volumes of oil in early November. Saudi Arabia’s crude production was between 10.8 million bpd and 10.9 million bpd earlier this month, industry executives tracking Saudi output told Bloomberg on Wednesday.

Related: Saudi Arabia To Raise Oil Shipments To China

The very high production in early November was the result of extra volume nominations from Saudi Arabia’s clients. Those customers had made the nominations in early October, when oil prices rallied on fears that the U.S. sanctions would choke off a lot of Iranian oil supply in November. Saudi Arabia typically decides four to five weeks before the 1st of every month what its production will be, Bloomberg notes.

It’s not clear yet if the Kingdom will keep those very high production volumes through November and what the average November production will be. The current monthly record is 10.72 million bpd, set in November 2016, just before the start of the production cuts.

The U.S. waivers that came along with the sanctions on Iran totally erased the earlier fears of a supply crunch and flipped the market mood to expectations of oversupply, together with expectations of slowing global economic and oil demand growth.

Saudi Arabia has already said that it would be cutting December oil exports by 500,000 bpd from November and that OPEC may have to consider changing course and reduce production again.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Thomas on November 24 2018 said:
    If Saudi Arabia cannot get a handle on procreation then Saudi Arabia won't be exporting oil in twenty years.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News