Saudi oil exports fall to 21-month low
The decline in the kingdom’s oil exports follows its production cuts as well as those of Russia. Saudi Arabia may face difficulties maintaining price stability moving forward.
Saudi Arabia’s oil exports have dropped to a nearly two-year low, according to data released on Wednesday.
Saudi crude oil exports amounted to 6.8 million barrels per day (bpd) in June — the lowest figure since September of 2021 and a decrease of 124,000 bpd from the previous month, according to the Saudi-based Joint Organizations Data Initiative (JODI), which tracks energy data.
Overall crude oil production in Saudi Arabia was 9.96 million bpd in June. This figure is the lowest since November of 2021, though it was a relatively small 3,000 bpd drop from May, per JODI’s data.
Background: Saudi Arabia announced an oil production cut of 1 million barrels per day for July and later extended it to August and September as well. The Saudi- and Russia-led OPEC+ alliance of oil producers has instituted several production cuts since last year in a bid to keep prices up. With the cuts taken into account, Saudi Arabia expects its oil production to be 9 million bpd this month, according to the official Saudi Press Agency.
