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Saudi Arabia’s crude oil exports rose for a fourth straight month in September to the highest in 29 months, data from the Joint Organisations Data Initiative (JODI) showed on Nov. 17.
Crude exports rose about 1.6% to 7.721 million bbl/d in September—the highest since April 2020—from 7.601 million bbl/d in August.
The world’s largest oil exporter’s crude production, however, fell to 11.041 million bbl/d in September from 11.051 million bbl/d in the previous month.
Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.
OPEC on Nov. 14 cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates.
In October, OPEC and allies—known as OPEC+—decided to lower targeted production and OPEC’s de-facto leader Saudi Arabia said the cut of 2 million bbl/d was necessary to respond to rising interest rates in the West and a weaker global economy.
The group is expected to hold its next meeting in Vienna on Dec. 4.
Saudi’s domestic crude refinery throughput decreased by 108,000 bbl/d to 2.693 million bbl/d in September, while direct crude burn fell 142,000 bbl/d to 522,000 bbl/d.
Meanwhile, state oil firm Saudi Aramco said on Nov. 17 it planned to invest in a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil Corp.’s refining complex in the city of Ulsan.
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