Saudi Arabia's November crude exports hit 5-month high

Credit: REUTERS/HAMAD I MOHAMMED

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Jan 22 (Reuters) - Saudi Arabia's crude oil exports in November climbed to their highest level in five months and marked a third straight rise, data from the Joint Organizations Data Initiative (JODI) showed on Monday.

Crude exports from the world's largest oil exporter rose 0.6% to 6.336 million barrels per day (bpd) from 6.297 million bpd in October. Production fell 1.4% to 8.818 million bpd.

In November, OPEC+ oil producers agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) for early 2024 led by Saudi rolling over its voluntary cut.

November data showed domestic refineries' crude throughput fell by 0.027 million bpd to 2.089 million bpd and direct crude burning fell by 30,000 bpd to 501,000 bpd.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.

Earlier this month, Saudi cut the February price of its flagship Arab Light crude to Asian customers to its lowest level in 27 months amid competition from rival suppliers and concerns about supply overhang.

OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and in a surprise early prediction said 2025 will see a robust increase in oil use led by China and the Middle East.

(Reporting by Swati Verma and Ashitha Shivaprasad in Bengaluru; editing by Jason Neely)

((Ashitha.Shivaprasad@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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