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Saudi Arabia’s October crude oil exports hit 18-month high

Saudi Arabia’s crude oil exports in October rose for a sixth straight month to their highest since April 2020, the Joint Organisation Data Initiative (JODI) said on Thursday.

The kingdom’s crude oil exports rose to 6.833 million barrels per day (bpd), up from 6.516 million bpd in September.

The world’s largest oil exporter’s total exports including oil products stood at 8.26 million bpd while crude output rose by 118,000 bpd to 9.780 mln bpd in October. Both also hit their highest levels since April 2020.

The Organization of the Petroleum Exporting Countries its and allies, known as OPEC+, this month agreed to stick to their existing policy of monthly oil output increases, as they continue to unwind record output cuts made in 2020.

Saudi Arabia’s domestic crude refinery throughput rose to 2.611 million bpd in October, the highest level since January 2019. Its direct crude burn fell 215,000 bpd to 328,000 bpd, the JODI figures showed.

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

Source: Reuters

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