Saudi Arabia's crude oil exports fell to 5.74 million barrels per day in July, the lowest in 11 months, due to increased domestic use.

In July, Saudi Arabia's crude oil exports fell to 5.74 million barrels per day, the lowest level in 11 months, down 5.1% from June. This decline is attributed to increased domestic crude use for power generation amid high summer temperatures. Conversely, production rose to 8.94 million bpd. To boost demand in Asia, the kingdom reduced October prices for Arab light crude, responding to weakened demand forecasts from OPEC and the International Energy Agency.

September 19, 2024
4 Articles