Saudi oil exports decreased to 7.28 million barrels per day in November
Data from the Joint Data Initiative (JODY), today, Thursday, showed that Saudi Arabia’s crude oil exports fell to their lowest level in five months in November, and production also declined.
The Kingdom’s crude exports fell by 6.3% to 7.28 million barrels per day in November, from 7.77 million barrels per day in October, in the first cut in exports in the past six months.
The production of the world’s largest oil exporter fell to 10.47 million barrels per day in November, from 10.96 million barrels per day in the previous month, according to Reuters.
Production of Saudi domestic crude oil refineries decreased by 19 thousand barrels per day to 2.660 million in November, while direct burning of crude oil increased by 49 thousand barrels per day to 429 thousand.
A Reuters survey showed yesterday, Wednesday, that OPEC oil production rose in December, despite the agreement of the broader OPEC + alliance to reduce production targets to support the market.
OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, agreed last month to commit to cutting oil production by 2 million barrels per day.
Riyadh and other OPEC members provide monthly export figures to Judy, which it publishes on its website.
The data showed that Chinese demand for oil rose by about one million barrels per day from the previous month to 15.41 million barrels per day in November, which is the highest level since February.
OPEC said on Tuesday that Chinese oil demand will rebound this year due to the country’s easing of COVID-19 restrictions and will lead global growth, in an optimistic tone about the global economic outlook in 2023.
