Saudi crude oil exports hit five-month high in August, data shows
USO•Saudi crude oil exports rose 7.9% from July to 4.451 million barrels per day in August, their highest level since March. Production fell to a record low of 6.24 million barrels per day from 8.135 million in July.
1. Exports rose as output fell
Saudi crude exports reached 4.451 million barrels per day in August, the highest level since March, while production dropped to a record low of 6.24 million barrels per day from 8.135 million in July, data from the Joint Organizations Data Initiative showed.
2. Refining and regional disruptions
Saudi refinery crude throughput fell by 181,000 barrels per day to 2.297 million in August, while direct crude-burning rose by 43,000 barrels per day to 604,097. Shipments from the Middle East have been severely disrupted since Iran blocked exports through the Strait of Hormuz after the US-Israeli war with Iran began at the end of February.
3. Analyst sees further recovery
UBS analyst Giovanni Staunovo said Saudi Arabia restored export volumes by using terminals on both coasts despite regional tensions, and expected the recovery to continue into September and October. The article said attacks on Saudi Arabia had increased, including an attack last week on the headquarters of state-owned Saudi Aramco that caused a limited fire, according to the kingdom’s energy ministry.
