The world’s top oil importer, Saudi Arabia, saw its crude oil exports drop to a record low of just under 5 million barrels per day (bpd) in June, as the de facto leader of OPEC’s efforts led the OPEC + group to maintain a record amount of raw material from the market in response to the crash in demand.
According to data from the Joint Organizations Data Initiative (JODI), crude oil exports to Saudi Arabia fell 17.3 percent in June compared to May, to stand at 4.98 million pd.
Since March this year, Saudi crude oil exports have deviated significantly from the last five-year range, jumping to more than 10 million bd per April, when the UK made good on its promise to flood the oil market after the collapse. of the previous OPEC + deal. Saudi Arabia exported a record 10,237 million bpd in April 2020, up from 7,391 million bpd in March, JODI data showed earlier this year.
In May, Saudi crude oil exports fell to 6.02 million bpd from more than 10 million bpd in the previous month, after OPEC + reached a new deal to bolster the market and eradicate the glut it built was, while global demand crashed by 20 million bpd in April.
June was also the month in which Saudi Arabia voluntarily cut its oil production by an additional 1 million bpd on top of the 2.5 million bpd it would cut.
Total Saudi oil exports, including crude oil and oil products, fell further month-on-month in June – by 1.41 million bpd to 6.07 million bpd, according to data released by the JODI database, which collects self-reported figures of 114 countries.
Despite reducing OPEC +’s cuts as of August 1, Saudi Arabia has signaled that it will not move this month to significantly increase its crude oil exports.
By Tsvetana Paraskova for Oilprice.com
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