Saudi Arabia’s crude oil refinery exports saw a 12 per cent increase in June, reaching 1.37 million barrels per day (bpd) compared to the previous month.
The Joint Organisations Data Initiative (JODI) reports that these exports primarily included processed crude for diesel, motor and aviation gasoline, and fuel oil. Diesel accounted for 51 per cent of the refined product exports, motor and aviation gasoline represented 21 per cent, and fuel oil made up 8 per cent.
Total refinery output was 2.5 million bpd, marking a 17 per cent decrease from the prior month. Diesel was the largest component at 46 per cent, followed by motor and aviation gasoline at 27 per cent, and fuel oil at 18 per cent.
JODI data also indicated a decrease in Saudi Arabia’s crude exports to 6.05 million bpd in June, down 1.16 per cent from the previous month. Crude production also fell to 8.8 million bpd, a 1.81 per cent decline during the same period.
Domestic demand for petroleum products in Saudi Arabia increased by 391,000 bpd to 2.75 million bpd.
Since late 2022, OPEC+ has implemented significant output cuts, with members currently reducing production by 5.86 million bpd, or about 5.7 per cent of global demand.
OPEC+ is the Organisation of the Petroleum Exporting Countries is an organization which enables the co-operation of leading oil-producing and oil-dependent countries to collectively influence the global oil market and maximise profit.