Saudi Arabia’s crude oil exports in October rose to their highest level in four months, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday.
Crude exports from the world’s largest exporter in October rose by 0.174 million barrels per day (bpd) to 5.925 million bpd from 5.751 million bpd in September.
At the same time, Saudi’s production fell slightly to 8.972 million bpd from 8.975 million bpd in September. Saudi refineries’ crude throughput was down by 0.019 million bpd to 2.737 million bpd, the data showed, while direct crude burning decreased by 156,000 bpd to 362,000 bpd.
Riyadh and other members of OPEC provide monthly export figures to JODI, which publishes them on its website.
Saudi Arabia cuts crude oil prices for Asia amid nascent demand recovery: Russell
Earlier this month, OPEC+ delayed oil output increases until April 2025, and extended the full unwinding of cuts by a year until the end of 2026.
Last week, OPEC cut its 2024 global oil demand growth forecast for a fifth straight month and by the largest amount yet, after a series of downgrades that highlights China’s sputtering role as the world’s demand growth engine.
Despite OPEC+’s extended oil cuts, the International Energy Agency on Thursday said the global oil market would be comfortably supplied by 2025.
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