Saudi oil exports rise in September for the 5th month in a row

MOSCOW: Saudi Arabia’s crude oil exports increased in September for the fifth month in a row, Arab News quoted official data posted on Jodi Data Initiatives Organisation’s website.

The kingdom exported 6.52 million barrels/day (bpd) of crude oil, up by one per cent from August and 8 per cent from a year ago, the data showed.

Saudi exports rise comes at the back of improved demand and gradual easing of self-imposed restraints under a production-curtailing agreement with Opec+.

Between April and September this year, the crude oil exports increased nearly 15 per cent.

September total crude oil and oil product exports from the kingdom’s terminals reached 7.84 million bpd, according to JODI data.

Growth in crude exports nearly replicated the pattern seen in crude output which grew for the fifth consecutive month in September to 9.662 million bpd from the low of 8.134 million bpd in April, rising by almost 19 per cent.

On a year-on-year basis crude output increased by 7.6 per cent in September compared to the 7.4 per cent growth in crude exports during the same period.

Refinery intake slipped 1.2 per cent in September to 2.49 million bpd after it hit 11-month high of 2.52 million bpd in August although it rose 5.8 per cent compared to the level seen in September last year.

The direct use of crude oil at utilities came in lower in September at 543,000 bpd, down 17 per cent from 654,000 bpd in August. It also fell 11.7 per cent from September 2020.

On the other side, the year-to-date average level of oil used directly in power plants was slightly higher in September at 473,000 bpd compared to 454,000 bpd a year ago.

Crude stocks recovered 2.5 per cent to 136.54 million barrels in September after they hit the lowest level on record in August at 133.16 million barrels.

Year-to-date average level of stocks came in at 135 million barrels in September compared to 150.13 million barrels in the same period of 2020.