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Saudi Arabia Crude Oil Exports Scale Seven-Month Peak In November 2020

Crude oil exports of Saudi Arabia rose for a fifth consecutive month to a seven-month peak of 6.35 million barrels per day (bpd) in November 2020, official data showed on Wednesday. In October, the kingdom exported 6.16 million bpd of crude oil.

The world’s largest oil exporter’s total crude and oil products exports rose month-on-month by 46,000 bpd to 7.42 million bpd, the Joint Organisations Data Initiative (JODI) said on its website. Saudi domestic crude refinery throughput fell by 2.6% to 2.34 million bpd in November, while direct crude burn dropped by 71,000 bpd to 320,000 bpd.

The kingdom’s crude output was little changed at 8.97 million bpd in November, the official figures showed. Saudi Arabia, along with other OPEC+ (Organization of the Petroleum Exporting Countries and allies) producers have been curbing output to support oil prices since January 2017. The kingdom early this month pledged additional voluntary production cuts in the next two months.

Saudi Arabia, along with other OPEC+ (Organization of the Petroleum Exporting Countries and allies) producers have been curbing output to support oil prices since January 2017. The kingdom early this month pledged additional voluntary production cuts in the next two months. Most members of OPEC+ have agreed to hold production steady in February as a spike in coronavirus cases depresses fuel demand.

Saudi Arabia Crude Oil Exports Scale Seven-Month Peak In November 2020 via @MasterMindUpdate
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