Thursday, August 17, 2017

Saudi Arabia crude oil exports fall slightly in June: JODI

Saudi Arabia's crude oil exports in June fell slightly to 6.889 million barrels per day (bpd), 35,000 bpd lower than the May level, official data showed. 

OPEC's biggest producer also pumped 10.070 million bpd in June, up 190,000 bpd from May, according to a posting on the Joint Organizations Data Initiative (JODI) website. 

The kingdom increased direct-burn crude used for power generation in June as demand for electricity increases during the hot summer months. It used 680,000 bpd of crude oil to generate power in June, up 76,000 bpd from May. 

The Muslim fasting month of Ramadan, when the use of electricity surges, ran from May 27 to June 25 this year. 

Saudi demand for oil products rose to 2.634 million bpd in June, up from 2.535 million bpd in May. 

The kingdom also continued to draw crude oil from its inventories, which fell by 2.253 million barrels to 256.55 million barrels in June. Saudi oil stocks peaked in October 2015 at a record 329.430 million barrels. 

Riyadh is leading an effort by the Organization of the Petroleum Exporting Countries (OPEC) and other producers to curb output and drain a global supply glut. OPEC's share of the cuts, which will run to March 2018, amount to about 1.2 million bpd. Non-OPEC producers agreed to cut half as much as that. 

Saudi Arabia's production in June is only 12,000 bpd above its output target - 10.058 million bpd - under the OPEC deal. 

Saudi's local refineries processed 2.577 million bpd in June, up from 2.517 million bpd in May. Its refined products exports rose to 1.362 million bpd in June from 1.279 million bpd in May. 

Monthly figures are provided by Riyadh and other OPEC members to the Joint Organizations Data Initiative (JODI), which published them on its website. 

Reporting by Reem Shamseddine; Editing by Tom Hogue

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