Saudi Arabia’s crude oil exports dropped to their lowest in nearly a year in July, according to the Joint Organizations Data Initiative (JODI). The nation, the world’s largest crude exporter, shipped 5.741 million barrels per day (bpd) in July, the lowest since August 2023.
Earlier this month, OPEC+ decided to delay planned production increases for October and November, with the possibility of further adjustments. July’s exports fell 5.1% from June’s 6.047 million bpd, even though production rose to 8.941 million bpd from 8.830 million bpd.
Saudi refineries processed slightly less crude, down 0.026 million bpd to 2.397 million bpd, while direct crude burning increased by 211,000 bpd to 769,000 bpd. Riyadh and other OPEC members regularly provide export data to JODI, which publishes it online.
Amid concerns over weak demand in Asia, Saudi Arabia cut its October price for Arab light crude to a nearly three-year low. Both OPEC and the International Energy Agency (IEA) have recently downgraded their 2024 oil demand growth forecasts, influenced by declining Chinese demand. China’s oil refinery output in August fell 6.2% year-on-year, marking the fifth consecutive month of declines.