DUBAI: Saudi crude exports remained steady in July as oil use in the country's power sector surged to a near record high, offsetting higher output, official data showed on Thursday.
The world's top oil exporter and OPEC heavyweight shipped 6.989 million barrels per day (bpd) in July, slightly up from 6.946 million bpd in June and 6.987 million bpd in May, according to data published by the Joint Organisations Data Initiative (JODI). The export figures in the three months were the lowest since September 2011, the data showed.
The kingdom's production rose to 10.005 million bpd in July from 9.780 million bpd a month earlier.
July output was the highest since September last year, according to the data.
Saudi oil use for power generation rose to 899,000 bpd in July from 827,000 bpd in June and 680,000 bpd in May. July crude burning for power was the highest since August 2010, the data showed. The kingdom typically increases production during the hot summer months to meet a surge in electricity demand.
Refiners processed 1.915 million bpd of crude in July, down from 2.055 million bpd of crude in June, and 2.136 million bpd in May. Oil markets closely monitor changes in Saudi production because it is the only country with spare capacity to significantly alter output according to demand, although surges in domestic use over the last few summers have eaten into exports.
Saudi Arabia's Oil Minister Ali al-Naimi often refers reporters to JODI, set up to promote transparency in oil markets, when asked how much the kingdom is pumping. Saudi Arabia told OPEC that it produced 9.597 million bpd in August, down from 10.005 million bpd in July, according to a monthly report issued last week by the Organization of the Petroleum Exporting Countries.
Comments
Comments are closed.