Saudi Arabia’s crude oil exports hit a 3-month high in September

Saudi Gazette Report

RIYADH — Saudi Arabia’s crude oil exports in September rose to their highest level in 3 months, data from the Joint Organizations Data Initiative (JODI) showed on Monday.

Exports in September rose by 0.080 million barrels per day to 5.751 million barrels per day from 5.671 million barrels per day in August.

Saudi Arabia’s production also fell to 8.975 million barrels per day from 8.992 million barrels per day in August.

The data showed that Saudi oil refinery production rose by 0.035 million barrels per day to 2.756 million barrels per day, while direct burn of crude fell by 296,000 barrels per day to 518,000 barrels per day.

Saudi Arabia and other OPEC members provide monthly export figures to JODI, which publishes them on its website.

OPEC cut its forecast for global oil demand growth in 2024, highlighting weak demand from China, India and other regions, marking the fourth consecutive revision of forecasts for the producing group in 2024.

The International Energy Agency expects global oil supply to exceed demand by more than 1 million barrels per day in 2025, even if OPEC+ cuts remain in place. Supply curbs by OPEC and its allies, including Russia, are in place until December, when some members are due to start raising production levels.

Meanwhile, Saudi Arabia cut the December price for the flagship Arab Light crude it sells to Asia by 50 cents to $1.70 a barrel above the Oman/Dubai average.