Thursday, December 19, 2019

Saudi Arabia's Crude Exports Rise 5.8% in October

A gas flame is seen in the desert near the Khurais oilfield, about 160 km from Riyadh, Saudi Arabia June 23, 2008. REUTERS/Ali Jarekji/File Photo

Saudi Arabia’s crude oil exports in October rose 5.8 percent to 7.06 million barrels per day (bpd), from 6.67 million bpd in the previous month, official data showed on Wednesday.

The country’s total crude output climbed by 1.17 million bpd to 10.30 million bpd in October.

Crude stocks rose by 15.60 million bpd to 168.08 million bpd while domestic refinery crude throughput dipped by 387,000 bpd to a 34-month low of 2.20 million bpd, the data from the Joint Organizations Data Initiative (JODI) showed.

Saudi Energy Minister Prince Abdulaziz bin Salman had said the Kingdom’s oil production would recover in October and November to levels above those seen before attacks on its energy installations in September.

Earlier this month, oil producers led by Saudi Arabia and Russia agreed to cut output by an extra 500,000 barrels a day in the first quarter of 2020.

Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries provide monthly export figures to JODI, which publishes them on its website.

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