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.
The plan unveiled on Oct. 15 aims to substitute natural gas production for imports, savings some $5.6 billion, the government said.
Argentine President Alberto Fernández will travel to the remote region to officially present the plan on Oct. 15, the energy secretariat said in a statement.
President Tayyip Erdogan said in August the field north of the Turkish coast in the Black Sea contained 320 Bcm of gas, making it Turkey's biggest natural gas discovery.