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FinancialNews


  • 20-07-22

    Saudi Arabia witnesses its worst decline in 15 months 4.5pct fall in May's oil export

    (MENAFN) The Cooperative Organizations Data Initiative has showed that crude oil exports from Saudi Arabia dropped by 332,000 barrels a day in May on a month-on-month basis.

    The data presented that 7.05 million bpd were shipped, decreasing 4.5 percent from April, this indicates the biggest decrease in the last 15 months.

    Crude oil output rose by 97,000 bpd monthly to 10.538 million bpd in the stated month, in comparison production increased by 0.9 percent from 10.441 million bpd in the month before.

    On the other hand, Saudi Arabia’s crude oil shipments surged by 1.401 million bpd annually, a 24.8 percent increase from its 5.649 million rate in the same period last year.

    As for the output of crude oil, it witnessed a yearly rise of 1.994 million amounting to 10.538 million bpd in July, a 23.3 percent expansion from 8.544 million bpd in 2021.

    This May, the nation’s refinery consumption jumped 211,000 bpd to 2.773 million bpd, an 8.5 percent month-on-month increase against its 2.538 million bpd in April.

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