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Saudi Arabia's crude oil exports fell to a five-month low in November, while production also slipped, data from the Joint Organisations Data Initiative (JODI) showed on Jan. 19.
The kingdom's crude exports fell about 6.3% to 7.28 MMbbl/d in November from 7.77 MMbbl/d in October, marking the first reduction in exports in the last six months.
The world's largest oil exporter's crude production fell to 10.47 MMbbl/d in November from 10.96 MMbbl/d in the previous month.
Saudi's domestic crude refinery throughput decreased by 19,000 bbl/d to 2.660 MMbbl/d in November, while direct crude burn rose 49,000 bbl/d to 429,000 bbl/d.
OPEC oil output rose in December, a Reuters survey found on Jan. 18, despite an agreement by the wider OPEC+ alliance to cut production targets to support the market.
OPEC+, which comprises OPEC and allies including Russia, last month had agreed to stick to a 2 MMbbl/d oil output cut.
Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.
Chinese oil demand rose by nearly 1 MMbbl/d from the previous month to 15.41 MMbbl/d in November, its highest since February, the data showed.
OPEC said on Jan. 17 Chinese oil demand would rebound this year due to relaxation of the country's COVID-19 curbs and drive global growth, and it sounded an optimistic note on the prospects for the world economy in 2023.
Saudi Arabian state oil producer Aramco is discussing investments in petrochemicals with Chinese companies, Asharq reported citing an interview by the company's chief executive with Bloomberg.
Lately, oil prices have been caught in a tug-of-war between fears of a possible U.S. recession and optimism over China's demand outlook.
2024-01-02 - To convince the market of OPEC+’s ability to sway oil prices, the international organization will have to take back control and maintain production cuts at least until the second quarter of 2024.
2023-12-11 - For the upcoming week, Stratas Advisors predicts there will be more attention on the geopolitical developments, however there is still a risk that conflict will expand.
2023-12-04 - At the meeting OPEC+ agreed to reduce its oil production by another 700,000 bbl/d – which will come from Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman.
2024-02-20 - Oil prices fell on Feb. 20 with an uncertain outlook for global demand knocking value off crude futures contracts.
2024-02-07 - Geopolitical tensions in the Middle East and ongoing risks that threaten global supply have experts questioning where oil prices will move next.