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Saudi oil exports lowest since September 2021

By Pramod Kumar
After the voluntary oil cut, Saudi Arabia's output for October, November, and December will be capped at nearly nine million bpd Reuters
Aramco has been selling crude oil to Vietnam, but has yet to make any investment in the country

Saudi Arabia’s crude oil exports fell to 6.8 million barrels per day (bpd) in June, down two percent from 6.93 million bpd in May, according to data from the Joint Organizations Data Initiative (Jodi).

The kingdom’s crude exports in June were the lowest since September 2021. Exports were down five percent in June from 7.2 million bpd in June 2022.

Crude output remained stable at 9.96 million bpd month on month in June, but inventories grew by 1.45 million barrels to 149.69 million.

Domestic refineries processed 28,000 bpd less crude in June than in May at 2.56 million bpd.

The country’s oil products exports declined 26,000 bpd to 1.35 million bpd in June month on month.

The monthly export figures are provided by Saudi Arabia and other Opec members to Jodi.

Earlier this month, Saudi Arabia extended its voluntary oil output cut of one million bpd for a third month to include September. This move could be extended beyond that or deepened.

The kingdom raised September prices for most of its crude to Asia after announcing the extended production cut, Reuters reported.

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