Top oil exporter Saudi Arabia’s July crude oil exports gained for a second-straight month to their highest in more than two years, data from the Joint Organisation Data Initiative (JODI) showed on Monday.
Saudi Arabia’s exports rose 2.5% to 7.38 million barrels per day (bpd) in July - highest since April 2020 - from 7.20 million bpd in June.
The country had raised its July crude prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer. It had also raised its OSP for European and Mediterranean buyers, but kept U.S. differentials unchanged.
Saudi Arabia was India’s No. 3 supplier in July, and also retained its spot as the biggest exporter to China during the first half of the year.
Saudi production also climbed to its highest in more than two years to 10.815 million bpd from 10.646 million bpd in the previous month.
Oil falls over 2% on demand fears and strong dollar
Saudi’s domestic crude refinery throughput fell about 3% to 2.763 million bpd in July, while oil products exports stood at 1.429 million bpd.
Meanwhile, an internal document showed, the Organization of the Petroleum Exporting Countries and allies (OPEC+) fell short of its oil production target by 2.892 million bpd in July.
Earlier this month, OPEC and its allies led by Russia agreed on a small oil production cut to bolster prices that have slid on fears of an economic slowdown.
Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.
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