Saudi crude exports hit 29-month high in September – Markets
Saudi Arabia’s crude oil exports rose for the fourth straight month in September to a 29-month high, data from the Joint Organization Data Initiative (JODI) showed on Thursday.
Crude exports in September rose about 1.6 percent to 7.721 million barrels per day (bpd) – the highest since April 2020 – from 7.601 million bpd in August.
However, crude production from the world’s largest oil exporter fell to 11.051 million bpd last month from 11.041 million bpd in September.
Monthly export data are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.
Oil falls on easing geopolitical tensions, China demand worries
OPEC on Monday cut its forecast for global oil demand growth to 2022 for the fifth time since April and further trimmed next year’s figures, amid growing economic challenges including high inflation and rising interest rates. Interest was quoted.
In October, OPEC and its allies – known as OPEC+ – decided to cut target output and OPEC’s de facto leader, Saudi Arabia, said 2 million bpd in response to rising interest rates and a weak global economy in the West. Deduction of bpd is required.
The next meeting of the group is expected to be held in Vienna on December 4.
Saudi domestic crude refinery output fell by 108,000 bpd to 2.693 million bpd in September, while straight crude fell 142,000 bpd to 522,000 bpd.
Meanwhile, state oil firm Saudi Aramco said on Thursday it has invested in a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S Oil Corp’s refining complex in the city of Ulsan. The plan is made.