Saudi Arabia’s crude oil exports have declined for the third consecutive month in June, reaching their lowest levels since September 2021, according to data from the Joint Organizations Data Initiative (JODI).
The drop is attributed to significant Asian buyers opting for more affordable Russian oil.
In June, Saudi Arabia’s crude oil exports amounted to 6.8 million barrels per day (bpd), marking a decrease of approximately 1.8% compared to May’s figure of 6.93 million bpd.
Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) provide monthly export figures to the Joint Organizations Data Initiative (JODI), which then publishes these figures on its website.
Saudi Arabia’s crude oil output remained relatively unchanged from the previous month at 9.96 million barrels per day (bpd), while inventories increased by 1.45 million barrels to reach 149.69 million in June.
Domestic refineries processed 28,000 barrels per day (bpd) less crude compared to May, amounting to 2.56 million bpd, while direct crude burn increased by 65,000 bpd to reach 543,000 bpd in June.
In June, the nation’s oil products exports saw a decline of 26,000 barrels per day (bpd) compared to the previous month, reaching a total of 1.35 million bpd.
Data from trade sources for June revealed that Indian imports of Russian oil reached a record high, based on tanker data.
The government data indicated that China’s imports of crude oil from Russia reached a record high in June, as refiners continued to purchase Russian ESPO despite narrower discounts against international benchmarks.
This month, Saudi Arabia announced its decision to prolong a voluntary oil output reduction of 1 million bpd for a third consecutive month, encompassing September.
Following the announcement of the extended production cut, the kingdom elevated the prices for most of its crude to Asia for the month of September.