Saudi Arabia shipped less oil in August as OPEC cuts continue – Refinitiv

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Saudi Arabia shipped 175.22 million barrels of crude in August 2023, over 31 million barrels less than the 206.61 million it shipped in the previous month, according to Refinitiv’s shipping data.

In July, the top oil exporter implemented a cut in production of 1 million barrels per day (bpd), on top of the existing 1.5 million bpd output cuts it is already implementing.

A Bloomberg report last week said shipments out of the kingdom fell in August to around 5.6 million bpd, the lowest levels since March 2021.

The UAE, meanwhile, saw a slight increase in oil shipments in August versus the previous month. OPEC’s third-biggest producer shipped 91.67 million barrels last month compared with 85.13 million barrels in July, the Refinitiv data showed.

Iraq’s shipments, including Kirkuk, was at 110.76 million barrels, down slightly from 111.39 million barrels in July.

Source: Reuters

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