Saudi Arabia's crude oil exports increased in September as domestic demand cooled and global oil markets remain volatile.
Saudi Arabia ’s crude oil exports increased by 80,000 barrels per day bpd to 5.75 million bpd in September—the highest in three months, the latest data from the Joint Organizations Data Initiative JODI showed on Monday. The September crude exports were the highest since June, likely due to the lower direct crude burning for power generation as the hottest months in the Kingdom ended.
The Saudi crude oil production was in line with the Kingdom’s pledge from last summer to keep output at “around 9 million bpd” with the OPEC production cuts and the voluntary 1-million-bpd reduction. Saudi Arabia and its OPEC partners have delayed their planned production increase to January 2025 from December 2024. The group currently intends to start adding supply to the market in January next year, initially at a pace of 180,000 bpd for the first month.
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