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Oil export from Saudi Arabia fell in June by 3.2%

UNITED STATES, WASHINGTON (OBSERVATORY) — Oil exports from Saudi Arabia in June fell by 3.2% to 6.721 million barrels per day, compared with 6.942 million barrels per day in May.

On an annualized basis, shipments fell 7.2%, according to the Joint Organization Data Initiative (JODI).

Oil production by Saudi Arabia in June grew by 1.2% to 9.782 million barrels per day from 9.67 million barrels per day in the previous month, according to JODI. In annual terms, the indicator decreased by 6.7%.

Iraq reduced oil exports in June by 3.2% in monthly terms and increased by 2.6% on an annualized basis to 3.955 million barrels per day. Production in the country increased by 0.1% compared to the previous month to 4.609 million barrels per day, while compared to the same period in 2018, it grew by 5.5%.

The oil production in Venezuela last year remained virtually unchanged: 1.047 million barrels per day compared to 1.05 million barrels per day in the previous month. A year earlier, the figure was 1.531 million barrels per day.

In Nigeria, production in June increased to 2.081 million barrels per day, compared with 1.926 million barrels per day in the previous month.

Exports rose to 2.052 million barrels per day, compared with 1.956 million barrels per day. In June 2018, production amounted to 1.783 million barrels per day, deliveries abroad – 1.771 million barrels per day.

Preliminary JODI data showed that in June the US increased oil production to 12.614 million barrels per day, compared with 12.163 million barrels a day a month earlier. At the same time, over the year, the indicator increased by 18.2% from 10.672 million barrels per day.

According to the organization’s calculations, the export of oil from the United States last year amounted to 3.415 million barrels per day against 2.9 million barrels per day in May of this year and 2.2 million barrels per day in June 2018.

Saudi Arabia, the world’s largest crude oil exporter, has been reducing production for 2 years under the OPEC agreement. This year, kingdom exports remained below 7 million barrels per day, which avoided another overabundance in the oil market and, as a result, lower prices.

However, by reducing exports, Saudi Arabia has dramatically changed the priority areas of its oil exports. It increased sales in the world’s largest oil importer, China, and cut supplies to the United States according to EIA data.

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