Crude exports from Saudi Arabia, the world's largest oil exporter, extended a decline in June to the lowest on record, official data showed on Aug. 20, as global demand remained squeezed by the COVID-19 pandemic.
Exports fell 17.3% from the month before to 4.98 million bbl/d, their lowest since at least January 2002, data from the Joint Organizations Data Initiative (JODI) showed.
Total oil shipped from Saudi Arabia, including oil products, fell 18.7% to 6.08 million bbl/d from 7.48 million bbl/d in May, while crude stocks rose by 5.8 million barrels to 153.35 million, the official figures showed.
International benchmark Brent crude futures have rebounded sharply since plunging to their lowest in two decades in April, as economies gradually reopened and output curbs eased concerns of oversupply. But they remain down about 32% so far this year.
To offset the slump in global demand, OPEC and its allies, a group known as OPEC+, said record output cuts that began in May would deepen in August and September.
The kingdom's crude production dropped nearly 12% to 7.48 month-on-month in June, a trough since December 2002.
Saudi's domestic crude refinery throughput fell 4.7% to 1.84 million bbl/d in June, while direct crude burn rose by 62,000 bbl/d to 469,000 bbl/d.
Saudi total oil products demand in June rose by 330,000 bbl/d to 2.16 million bbl/d, data on the JODI website showed.
Monthly export figures are provided by Riyadh and other members of OPEC to the JODI, which publishes them on its website.
Recommended Reading
Record NGL Volumes Earn Targa $1.07B in Profits in 3Q
2024-11-06 - Targa Resources reported record NGL transportation and fractionation volumes in the Permian Basin, where associated natural gas production continues to rise.
Woodside Reports Record Q3 Production, Narrows Guidance for 2024
2024-10-17 - Australia’s Woodside Energy reported record production of 577,000 boe/d in the third quarter of 2024, an 18% increase due to the start of the Sangomar project offshore Senegal. The Aussie company has narrowed its production guidance for 2024 as a result.
Twenty Years Ago, Range Jumpstarted the Marcellus Boom
2024-11-06 - Range Resources launched the Appalachia shale rush, and rising domestic power and LNG demand can trigger it to boom again.
Investor Returns Keep Aethon IPO-ready
2024-10-08 - Haynesville producer Aethon Energy is focused on investor returns, additional bolt-on acquisitions and mainly staying “IPO ready,” the company’s Senior Vice President of Finance said Oct. 3 at Hart Energy’s Energy Capital Conference (ECC) in Dallas.
BKV Prices IPO at $270MM Nearly Two Years After First Filing
2024-09-25 - BKV Corp. priced its common shares at $18 each after and will begin trading on Sept. 26, about two years after the Denver company first filed for an IPO.