Crude exports from the world’s biggest oil exporter fell to 6.988 million barrels per day, down from 7.378 million barrels per day in November and the lowest level since September, data from the joint organization Data Initiative showed on Thursday.
Saudi Arabia’s crude oil production in December was approximately 10,084,000 barrels per day, the highest level since April 2023. Crude oil production in November was 10.05 million barrels per day.
“Despite a modest increase in crude oil production, the Saudi total inventory of crude oil and refined products decreased, so crude oil was used domestically or to refine crude oil into products for export,” UBS analyst Giovanni Staunovo said.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organization Data Initiative (JODI), a data transparency initiative coordinated by OPEC and the International Energy Agency, including the International Energy Agency.
Saudi Arabia’s refinery crude throughput increased to 2.738 million barrels per day in December, up almost 7% from November’s 2.56 million barrels per day, while direct combustion of crude oil decreased by 107,000 barrels per day to 210,000 barrels per day, according to JODI data.
The decline in Saudi Arabia’s exports comes ahead of potential changes in OPEC+ supply policy.
Earlier this month, Reuters reported, citing three OPEC+ sources, that OPEC+ was leaning towards restarting production increases from April.
OPEC expects global oil demand from the OPEC+ group to fall by 400,000 barrels per day in the second quarter, releasing data showing it will post a slight surplus in the quarter.
The International Energy Agency said earlier this month that global oil demand will rise more slowly than expected this year, while warning that global markets still face a significant surplus despite blackouts that reduced supply in January.
(Reporting by Anjana Anil in Bengaluru; Editing by Jane Merriman)
