RIYADH: In line with the output cut decision of the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, Saudi Arabia’s crude production stood at 9.96 million barrels per day in June, according to an industry report.
Figures from the Joint Organizations Data Initiative revealed crude exports from Saudi Arabia were also down 1.8 percent in June, standing at 6.8 million from May’s 6.93 million bpd.
Consequently, its crude inventories rose by 1.45 million barrels to 149.69 million.
The report further pointed out that domestic refineries in Saudi Arabia processed 28,000 bpd less crude in June compared to May at 2.56 million bpd, while direct crude burn rose by 65,000 bpd to 543,000 bpd.
FASTFACTS
Aligned with OPEC+ decision to slash production, domestic refineries in Saudi Arabia processed 28,000 bpd less crude in June.
Consequently, the Kingdom’s crude inventories rose by 1.45 million barrels to 149.69 million.
US crude stocks dropped by about 6.2 million barrels last week, according to market sources citing American Petroleum Institute figures.
In April, OPEC+ decided to reduce oil output by 1.2 million bpd to maintain market stability. In those cuts, Saudi Arabia pledged to reduce production by 500,000 bpd.
Later in June, Saudi Arabia announced an additional cut of 1 million bpd, which was extended to July and August.
Earlier this month, the Kingdom announced that it is extending its voluntary production cut of 1 million bpd to September and hinted that it could be extended further.
In June, Saudi Energy Minister Prince Abdulaziz bin Salman urged everyone to trust OPEC+ and called it the most effective international organization working hard to maintain market stability.
Earlier this month, a report released by the General Authority for Statistics noted that Saudi Arabia’s oil activities dipped by 4.2 percent in the second quarter of 2023 compared to the same period of the previous year, driven by the output cuts proposed by OPEC+.
However, the Kingdom’s non-oil activities increased by 5.5 percent annually in the second quarter, indicating Saudi Arabia’s progress in its economic diversification.
