Saudi Arabia’s crude oil exports fell to their lowest level in almost a year in July, with exports recorded at 5.741 million barrels per day (bpd), according to data from the Joint Organizations Data Initiative (JODI). This marks a decrease of approximately 5.1% from June’s exports of 6.047 million bpd.
Despite this decline in exports, Saudi Arabia’s crude oil production increased to 8.941 million bpd from 8.830 million bpd. However, the throughput of crude at Saudi refineries decreased slightly to 2.397 million bpd, while direct crude burning rose by 211,000 bpd to 769,000 bpd.
In response to weak demand, particularly from Asia, Saudi Arabia has reduced its October price for its flagship Arab light crude to the lowest level seen in nearly three years. Both OPEC and the International Energy Agency (IEA) have recently lowered their oil demand growth forecasts for 2024, citing concerns over Chinese demand, which has seen refinery output decline for five consecutive months.