Saudi Arabia's May crude exports hit lowest in over 1-1/2 years

Saudi Arabia's crude oil exports fell to their lowest since October 2017 in May at 6.94 million barrels per day (bpd), down just over 3% from the previous month, official data showed on Thursday.

Exports in May dropped by about 240,000 bpd from 7.18 million bpd in April.

Crude output fell by 137,000 bpd month-on-month to 9.67 million bpd, its lowest in more than four years, while demand for oil products fell by 420,000 bpd year-on-year to 2.09 million bpd.

The world's top oil exporter kept its crude production below the output target of 10.3 million bpd specified under an OPEC-led global oil reduction pact to cut inventories and support prices.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.