Crude shipments plunged below 7 million barrels per day in June, data has revealed
Shipments of crude oil from Saudi Arabia have slumped to their lowest level in almost two years, the latest data by the Joint Organizations Data Initiative (JODI) revealed on Wednesday.
Riyadh’s oil exports totaled 6.80 million barrels per day (bpd) in June, representing a decrease of 124,000 bpd compared to May, data compiled by JODI showed.
Crude supplies from the world’s top oil exporter plunged below 7 million bpd for the first time this year as the kingdom along with several other major OPEC+ producers opted for a collective output cut of 1.6 million bpd in May.
Saudi Arabia’s oil product stockpiles dropped by 1.64 million barrels in June, while its crude inventories rose by 1.45 million barrels, according to JODI.
Oil production in Saudi Arabia is expected to average 9 million bpd in July, August, and September following a unilateral voluntary output cut of 1 million bpd that the country enacted in order to “support the stability of the oil market.”
The output cut was initially announced only for the month of July but was subsequently extended to August and September.
The International Energy Agency (IEA) revealed last week that crude supply from the OPEC+ group declined by 1.2 million bpd to 50.7 million bpd in July to the lowest level in nearly two years.