Saudi Arabia’s oil exports fell 5.3% in May, lowest since ‎October 2021‎

Data from the Joint Organizations Data Initiative (JODI) showed that Saudi Arabia’s crude oil exports fell to the lowest level in 19 months, as cheap Russian oil attracted some major Asian buyers.

According to “Reuters”, crude exports from the largest oil-exporting country in the world decreased by about 5.3%, from 7.32 barrels per day in April to 6.93 million barrels per day in May, marking the lowest level since October 2021.

Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) provide monthly export figures to Judy, which it publishes on its website.

Saudi Arabia’s production of crude decreased by 502 thousand barrels per day from April’s level to 9.96 million barrels per day in May, and inventories fell by 1.16 million barrels to 148.24 million barrels.

Local refineries processed 2.59 million barrels per day of crude, down by 100,000 barrels per day, while direct burning of crude rose by 89,000 barrels per day in May to 478,000 barrels per day. The country’s exports of petroleum products decreased by 174 thousand barrels per day to 1.37 million barrels per day in May.

Data provided by commercial and industrial sources last month showed that India’s imports of Russian oil rose to a new unprecedented level in May, further reducing the share of Middle East and African crudes.

Chinese government data revealed that the country’s imports of Russian oil also jumped to an unprecedented level in May, with private refiners obtaining shipments at discounts from the sanctioned Espoo and Urals crudes.

And Saudi Arabia extended earlier this month its voluntary production cut of one million barrels per day until August, and Russia and Algeria voluntarily reduced production levels in August by 500,000 barrels per day, and export levels in the same month by 20,000 barrels per day.