Saudi Crude Oil Exports at 7.622-M BPD in July
The the Arab Kingdom produced a record high 10.673-M BPD in July
Saudi Arabia’s Crude Oil exports rose in July as the kingdom pumped record high levels of Crude Oil, keeping the global market well supplied.
The world’s largest Oil exporter has been maintaining high output levels since mid-2014 despite a global supply glut, in line with a strategy of defending market share against rival producers.
Saudi Arabia’s crude oil exports in July rose to 7.622-M BPD from 7.456-M BPD in June, official data showed Monday.
The kingdom produced a record high 10.673-M BPD in July, up from 10.550-M BPD in June with the increase due to Summer demand and requests from customers. However, its output slipped in August to 10.63-M BPD, industry sources have said.
Export data for August is not available yet.
Several members of the Organization of the Petroleum Exporting Countries (OPEC) have called for an output freeze to rein in an oil glut that triggered a price collapse in the last 2 years, hitting the revenues of major producers.
In the past, analysts have persistently discounted the possibility that OPEC members such as Saudi Arabia, Iran, Nigeria and Libya will agree to production curbs as they protected market share.
Saudi Arabia’s domestic Crude Oil inventories totaled 281.463-M/bbl in July, down from 289.445-M in June, data provided by the Joint Organisations Data Initiative (JODI) showed.
JODI compiles data supplied from Oil-producing members of global organisations including the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries.
Saudi Arabia’s Crude Oil inventories peaked last October at a record high 329.430-M bbl but have declined since as the country has drawn down its stockpile to meet domestic demand without impacting its exports.
As it expands oil product exports, the Kingdom has been feeding more Crude to domestic refineries.
Domestic refineries processed 2.611-M bbl of Crude in July, up from 2.381-M in June. Exports of refined Crude Oil products in July totaled 1.367-M bbl Vs 1.371-M in June.
State Oil firm Saudi Aramco has stakes in more than 5-M BPD of refining capacity at home and abroad, placing it among the global leaders in making refined Oil products.