Saudi crude oil exports rise in September

Data from the Joint Organizations Data Initiative (JODI) showed on Thursday that Saudi crude oil exports in September rose three percent from the previous month to reach 5.75 million barrels per day.

At the same time, the world’s largest oil exporters’ crude oil production increased by 0.7 percent to 8.98 million barrels per day.

Local refineries’ production of crude oil increased by 0.336 million barrels per day to 2.866 million barrels per day, while direct burning of crude decreased by 120 thousand barrels per day to 606 thousand barrels per day.

Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) provide monthly export figures to Judi, which it publishes on its website.

Separately, the Kingdom kept the official selling price of its Arab Light crude to Asian buyers for the month of December unchanged from the previous month.

Saudi Arabia and Russia, members of the OPEC+ alliance that includes the Organization of the Petroleum Exporting Countries (OPEC) and other allies, confirmed this month that they will continue additional voluntary cuts in crude production until the end of the year, with continued pressure on oil markets in light of concerns about demand and economic growth.

On Tuesday, the International Energy Agency raised its forecasts for oil demand growth for the current and next years, yet its forecasts for 2024 remained much lower than OPEC’s expectations.