Saudi crude exports rise to 6.2m bpd: JODI
The rise was driven by increased production, which also climbed during the month, rising by 2.12 percent year on year to 9.18 million bpd.
This marks a continuation of the Kingdom's phased dialling up of output as OPEC+ producers gradually unwind voluntary cuts introduced in previous years.
The JODI figures come amid broader market developments in the global oil sector. Earlier this month, eight key OPEC+ producers, including Saudi Arabia, Russia, and the UAE, agreed to accelerate their phased output increases, announcing a larger-than-expected 548,000 bpd production hike for August.
The decision, taken during a virtual meeting, reflects confidence in global economic resilience and healthy market fundamentals, according to the OPEC Secretariat.
The eight-nation subset of the alliance has been gradually reversing 2.2 million bpd of voluntary production cuts separate from the bloc's formal policy, with Saudi Arabia playing a leading role.
This follows earlier monthly hikes of 411,000 bpd in May, June, and July, with a new, steeper increase slated for August.
Saudi Arabia's refined oil exports saw a sharper uptick, growing by 12.12 percent to reach 1.37 million bpd in May.
This growth was largely driven by a 25 percent year-on-year surge in shipments of motor and aviation gasoline, which reached 325,000 bpd. Despite this increase, other major refined components recorded declines — gas diesel exports fell 2.62 percent to 594,000 bpd, while fuel oil shipments dropped 3 percent to 161,000 bpd.
Gas diesel remained the dominant component of refined exports, accounting for 43 percent of the total, followed by motor and aviation fuels at 24 percent, and fuel oil at 12 percent.
Refinery crude output in the Kingdom declined by 7.64 percent year on year, settling at 2.72 million bpd.
Direct crude burn, the use of crude oil for domestic power generation, rose by 23 percent in May compared to the same month of 2024, reaching 48,000 bpd, according to JODI.
This year-on-year increase is likely driven by a combination of factors, including the continued population growth across the Kingdom, which has expanded residential and commercial power consumption.
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