Saudi Crude Exports Plummet to Three-Month Low Ahead of OPEC Policy Shift
Saudi Arabia's crude oil exports fell to their lowest level in three months in December, according to data from the Joint Organizations Data Initiative. The country's exports stood at 6.988 million barrels per day (bpd), down from 7.378 million bpd in November and its lowest since September.
Despite this decrease, Saudi Arabia's crude output reached a three-month high of 10.084 million bpd in December, up from 10.050 million bpd in November. This increase was driven by higher domestic oil demand and refining activity.
UBS analyst Giovanni Staunovo noted that the fall in exports is likely due to Saudi Arabia's crude being used domestically or for refining into products rather than being exported. Refinery crude throughput rose 7% in December, reaching 2.738 million bpd.