Crude oil exports from Saudi Arabia in June hit a six-month low
In a move aimed at regaining market share, the OPEC+ group announced an increase in oil production for September. The decision, which was reached last September, will see eight countries, including major influencers Saudi Arabia (OPEC member) and Russia (leading non-OPEC member), increase their production by 547,000 barrels per day (bpd).
According to data published by the Joint Organizations Data Initiative (JODI), Saudi Arabia's crude oil exports decreased in June to 6.141 million bpd, marking a three-month low. This is a decrease from the exports in May, which stood at 6.191 million bpd. The decrease in exports is likely a result of the global supply increase driven by OPEC+.
Saudi Arabia's crude oil output, however, increased in June to 9.752 million bpd, up from 9.184 million bpd in May. This increase in output was partially offset by a decrease in crude refineries' throughput, which dropped to 2.703 million bpd in June from 2.721 million bpd in May.
Interestingly, the data shows that direct crude burning in Saudi Arabia increased in June to 674,000 bpd.
The International Energy Agency (IEA) expects world oil supply to rise more rapidly than expected this year and next due to OPEC+ output increases and supply from outside the group. Last week, the IEA made a statement about rapid supply growth this year and next.
The OPEC+ production increase in September will be part of a series of accelerated output hikes, following larger-than-planned increases of 411,000 bpd in May, June, and July. An additional 548,000 bpd increase was made in August.
The eight OPEC+ members increasing output in September are Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman. The OPEC+ alliance includes traditional OPEC countries plus others like Oman, Mexico, and Russia.
It is worth noting that the OPEC+ group decided in September 2021 to increase oil production by 547,000 barrels per day, though the exact list of countries in that particular increase is not explicitly detailed in the available sources.
The data for these figures was released by JODI on Wednesday. The data shows that Saudi Arabia and other OPEC members provide monthly export figures to JODI.
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