Saudi Arabia reduces oil exports to support prices
World's top oil exporter shipped 6.72 million barrels per day in June, down from 6.94 million bpd in May, official data show
Saudi Arabia's crude oil exports fell in June from the month before, official data showed on Tuesday, as the kingdom maintained its production below 10 million barrels per day to help drain a global supply glut and support oil prices.
The world's top oil exporter shipped 6.72 million bpd in June, down from 6.94 million bpd in May, according to data from the Joint Organisations Data Initiative (Jodi). It pumped 9.78 million bpd in June, up from 9.67 million bpd in May.
Saudi Arabia plans to keep its crude oil exports below 7 million bpd in August and September despite strong demand from customers, to bring the market back to balance, a Saudi oil official said earlier this month.
In July, Opec and allies led by Russia agreed to extend oil output cuts until March 2020 to prop up the price of crude as the global economy weakens and US production soars.
Saudi crude inventories rose to 187.9 million barrels in June from 187.72 million in May, the Jodi data showed.
Saudi's local refineries processed 2.5 million bpd in June, up from 2.46 million bpd in May, according to Jodi. Exports of refined oil products in June were slightly up to 1.27 million bpd, from 1.26 million bpd the month before, the data showed.
The Opec heavyweight used 550,000 bpd of crude oil to generate power in June, down from 450,000 bpd the month before, while Saudi demand for oil products in June was 2.38 million bpd, up from 2.09 million bpd in May, according to the data.
Monthly export figures are provided by Riyadh and other members of Opec to Jodi, which publishes them on its website.
Updated: August 21, 2019 04:32 AM