Data released by the Joint Oil Data Initiative (JODI) on Wednesday, October 22, showed that Saudi Arabia's crude oil exports rose to a six-month high in August. Crude oil exports rose to 6.407 million barrels per day (bpd), up from 5.994 million bpd in July, reaching their highest level since February 2025.
Saudi Arabia, the world's largest oil exporter, produced 9.722 million bpd in August, up from 9.201 million bpd in July.
JODI data showed that Saudi Arabia's refinery crude oil processing fell to 2.902 million bpd in August, a 2.6% decrease from 2.978 million bpd in July. Direct fuel consumption, however, fell slightly by 1,000 bpd to 607,000 bpd. UBS analyst Giovanni Staunovo said: "They have lifted production cuts, so production has increased, and crude oil supplies are rising. However, given that official selling prices remain high, demand remains somewhat suppressed. Exports should increase further in September as cooler temperatures in the Middle East increase the supply of exportable crude oil." Saudi Arabia and other OPEC members submit export data monthly to JODI, which publishes the data on its platform. In early October, OPEC announced it would increase its crude oil production target by 137,000 barrels per day starting in November, maintaining the same increase as in October. The alliance has already increased production by over 2.7 million barrels per day this year, equivalent to 2.5% of global demand. The International Energy Agency (IEA) predicted earlier this month that the global crude oil market could see a surplus of up to 4 million barrels per day next year due to increased production by OPEC and its competitors and weak demand.
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