Saudi Arabia exported a little less than 6.2 million barrels of crude oil per day in May, according to data from the official official data initiative (JODI), says Carsten Fritsch, commerzbank raw material analyst.
Saudi Arabia exports more oil in general in June
“This was 1.2% more than in the previous year and slightly more than in the previous month. The main reason for the increase in exports was the increase in oil production to 9.18 million barrels per day as a result of the OPEC+agreement. In addition, the processing of crude oil by the refineries fell 7.6% to 2.72 million barrels per day in May.”
“Oil products exports increased by 12.2% year -on -year to 1.37 million barrels per day. The increase was driven by significantly stronger gasoline exports and aviation fuels, while diesel exports fell slightly compared to the previous year. However, the latter remained the largest individual article among exports of products with almost 600,000 barrels per day. The consumption of crude oil Saudi for electricity generation was 23% higher in May than in the previous year. “
“However, with 48,000 barrels per day, the level is not particularly high. Jodi’s data for June should be much more interesting, since they will show whether the strong increase in oil production last month led to greater exports or not. Petroleum exports significantly higher to China in June suggest that Saudi Arabia also export more oil in general in June.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
