Data from the Joint Data Initiative (JODI) showed Monday that Saudi crude oil exports rose in August for the fourth consecutive month to their highest level since January 2021.
The Kingdom’s crude oil exports increased by 0.123 million barrels per day monthly basis to 6,450 million barrels per day in August, from 6,327 million barrels per day in July.
Total exports, including petroleum products, amounted to 7.90 million barrels per day.
Faisal Al-Fayek, consultant in energy affairs and former director of energy studies at OPEC, said in an interview with “Al-Arabiya” that the $ 86 levels for Brent crude are prices we have not seen, in amid the repercussions of the pandemic and “prices ignored estimates from the International Energy Agency, which used estimates dating back to the height of the pandemic.
He added that low oil price estimates hurt upstream oil investment policies, showing us the great harm in Europe due to the confusion of energy policies, explaining that 80% of the energy mix is now oil and coal, and therefore we should not exaggerate the transformation capacities of renewable energy without considering market conditions and the global economy.
Saudi crude oil inventories fell 1.941 million barrels to 133.164 million barrels in August.
Domestic crude oil consumption by Saudi refineries 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 petroleum products increased by 0.104 million barrels to 2.467 million barrels in August and that Saudi exports of petroleum products increased by 0.124 million barrels to 1.447 million barrels in August.
And the direct combustion of crude oil 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 Petroleum Exporting Countries (OPEC) submit monthly export data to the Joint Data Initiative “JODI”, which it publishes on its website web.
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 current production cuts of 5.8 million barrels. per day.
Crude oil production in the world’s largest oil exporter, Saudi Arabia, increased by 88,000 barrels per day to 9.562 million barrels per day on a monthly basis, the highest level since April 2020.
And the productivity of domestic refineries in Saudi Arabia rose to 2,521 million barrels per day in August, the highest level since the same month last year.
But direct crude oil consumption fell by 37,000 barrels per day to 654,000 barrels per day, according to the data.
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