Data from the Joint Data Initiative (JODI) showed on Monday that Saudi crude oil exports rose in August for the fourth consecutive month to the highest level since January 2021.
The Kingdom’s crude exports rose by 0.123 million barrels per day on monthly basis to 6.450 million bpd in August, from 6.327 million bpd in July.
Total exports, including petroleum products, amounted to 7.90 million barrels per day.
Faisal Al-Fayek, a consultant in energy affairs and former director of energy studies at OPEC, said in an interview with “Al-Arabiya” that the levels of 86 dollars for Brent crude are prices that we have not seen, in the midst of the repercussions of the pandemic, and “prices ignored the estimates of the International Energy Agency, which used estimates dating back to to the peak of the pandemic.
He added that the low estimates of oil prices harm the policies of upstream oil investments, showing us the great damage in Europe due to the confusion of energy policies, explaining that 80% of the energy mix is now from oil and coal, and therefore we should not exaggerate the transformation capabilities of renewable energy without considering market conditions and the global economy. .
Saudi crude stocks fell 1.941 million barrels to 133.164 million barrels in August.
Saudi refineries’ domestic consumption of crude increased by 0.064 million barrels per day to 2.521 million barrels per day in the same month.
JODI data revealed that Saudi demand for oil products rose by 0.104 million barrels to 2.467 million barrels in August, and Saudi exports of oil products rose by 0.124 million barrels to 1.447 million barrels in August.
And direct crude burning in Saudi Arabia decreased by 37,000 barrels per day in August to 654,000 barrels per day in the same month.
Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) submit monthly export figures to the Joint Data Initiative “JODI”, which publishes on its website.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies in the group known as OPEC + agreed in July to increase production by 400,000 barrels per day from August until the end of its current production cuts of 5.8 million barrels per day.
Crude production in the world’s largest oil exporter, Saudi Arabia, rose by 88,000 barrels per day to 9.562 million barrels per day on a monthly basis, which is the highest level since April 2020.
And the productivity of domestic refineries in Saudi Arabia increased to 2.521 million barrels per day in August, the highest level since the same month last year.
But direct crude consumption fell by 37,000 barrels per day to 654,000 barrels per day, according to the data.