Saudi crude oil exports hit 3-month high as production soars: What to know
The increase comes as the kingdom is reeling from negative effects of lower oil prices and production boosts from OPEC+ under US pressure.
Saudi Arabia’s crude oil exports hit a three-month high in May, while production reached a 23-month high, according to data released on Monday.
The exports reached 6.19 million barrels per day (bpd) in May, the highest level since February, when shipments amounted to 6.5 million bpd. Exports rose 25,000 bpd from April to May, according to data from the Joint Organisations Data Initiative (JODI), a Riyadh-based energy data firm.
Saudi crude oil production was 9.184 million bpd in May, a 23-month high and increase of 179,000 bpd from April, per JODI.
Why it matters: Under US pressure, the OPEC+ oil cartel announced a larger-than-expected (411,000 bpd) production boost in April. The price of Brent crude, considered the benchmark for global oil prices, fell from around $75 a barrel at the start of the month to below $65 the following on the back of the boost.
