Saudi crude oil exports rise in July, surpassing a two-year peak

The International Energy Forum said on Monday, citing data from the Joint Organizations Data Initiative (JODI), that Saudi crude oil exports rose for the second month in a row to their highest level in more than two years.

Saudi exports in July rose 2.5 percent to 7.38 million barrels per day, the highest level since April 2020, from 7.20 million barrels per day in June.

The kingdom had increased its crude prices in July to Asian buyers to higher than expected levels amid fears of tight supplies and expectations of strong demand in the summer. It also increased its official selling price to European and Mediterranean buyers, but kept the spreads to Americans unchanged.

Saudi Arabia was India’s third largest oil supplier in July, and it remained the number one spot for China during the first half of the year.

Saudi Arabia’s production also jumped to its highest level in more than two years to 10.815 million barrels per day from 10.646 million barrels per day in the previous month.

In contrast, consumption of crude in Saudi refineries (TADAWUL: 2030) by about three percent to 2.763 million barrels in July, while exports of oil products amounted to 1.429 million barrels per day.