Lazy eyes listen
Saudi crude oil exports have dropped to their lowest level in over two years, according to the latest data from the Joint Organizations Data Initiative (JODI), released on Wednesday.
According to JODI data, Riyadh’s oil exports were 6.80 million barrels per day (bpd) in June, a fall of 124,000 bpd from May.
Crude supplies from the world’s leading oil exporter fell below 7 million bpd for the first time this year, as the kingdom, along with several other major OPEC+ producers, agreed to a 1.6 million bpd decrease in output in May.
According to JODI, Saudi Arabia’s oil product stockpiles fell by 1.64 million barrels in June, while crude inventories increased by 1.45 million barrels.
Saudi Arabia’s oil production is scheduled to average 9 million bpd in July, August, and September, following a unilateral voluntary output decrease of 1 million bpd implemented by the country to “support the stability of the oil market.”
The output cut was first announced solely for July, but it was then extended to August and September.
The International Energy Agency (IEA) reported last week that petroleum output from the OPEC+ group fell by 1.2 million barrels per day (bpd) in July to 50.7 million bpd, the lowest level in over two years.