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Saudi crude exports slip to five-month low in November

January 20, 2023 at 11:39 am

Barrels of oil, 26 March 2020 [Daan Franken/Flickr]

Saudi Arabia’s crude oil exports fell to a five-month low in November, while production also slipped, data from the Joint Organisations Data Initiative (JODI) showed on Thursday, Reuters reported.

The kingdom’s crude exports fell about 6.3 per cent to 7.28 million barrels per day (bpd) in November from 7.77 million bpd in October, marking the first reduction in exports in the last six months.

The world’s largest oil exporter’s crude production fell to 10.47 million bpd in November from 10.96 million bpd in the previous month.Saudi’s domestic crude refinery throughput decreased by 19,000 bpd to 2.660 million bpd in November, while direct crude burn rose 49,000 bpd to 429,000 bpd.

Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.

OPEC oil output rose in December, a Reuters survey found on Wednesday, despite an agreement by the wider OPEC+ alliance to cut production targets to support the market.

OPEC+; which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, last month had agreed to stick to a 2 million bpd oil output cut.

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