Image Credit: Reuters
Dubai: Saudi Arabia’s crude exports increased to 6.12 million barrels per day (bpd) in May, marking a 2.51 per cent increase from the previous month, according to the Joint Organisations Data Initiative (JODI).
The Joint Organisations Data Initiative is an international collaboration to improve the availability and reliability of data on petroleum and natural gas.
During the same period, the country’s crude production also saw a slight uptick to 8.99 million bpd, reflecting a 0.08 per cent monthly increase.
Refinery crude output, which represents the volume of crude processed into gasoline, diesel, jet fuel, and heating oil, surged to its highest level in almost six years.
According to JODI data, it reached 3.026 million bpd, marking a 17 per cent increase from the previous month and a 16 per cent rise from May 2023.
However, exports of refinery oil products in May decreased to 1.22 million bpd, down by 13 per cent compared to the previous month.
Saudi Arabia’s demand for petroleum products rose by 75,000 bpd to 2.355 million bpd.
As a key global oil producer, Saudi Arabia plays a pivotal role in supplying refined products to meet global energy needs.
In June, organisation of the petroleum exporting countries (OPEC) and its allies, collectively known as OPEC+, agreed to extend most of their significant oil output cuts through 2024, with plans to gradually phase them out by 2025.
This decision aims to stabilise the market amidst challenges such as sluggish global demand growth, high interest rates, and increased production in the US.
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