
Saudi Arabia crude exports hit three-month high in May
Crude exports from the world's largest oil exporter rose to 6.191 million barrels per day (bpd) from 6.166 million bpd in April.
Saudi's crude output for May was at 9.184 million bpd, up from 9.005 million bpd in April.
Saudi refineries' crude throughput was at 2.721 million bpd, up 0.017 million bpd from April's 2.704 million bpd, the data showed, while direct crude burning increased by 112,000 bpd to 489,000 bpd.
Saudi Arabia and other members of OPEC provide monthly export figures to JODI, which publishes them on its website.
The OPEC+ group comprising OPEC and allies such as Russia, this month agreed to raise production by 548,000 bpd in August, further accelerating output increases at its first meeting since oil prices jumped and then retreated after Israeli and U.S. attacks on Iran.
Crude oil steadies
Five sources familiar with the discussions said that OPEC+ is likely to approve a further increase for September when it meets on August 3.
OPEC+ began to unwind cuts of 2.17 million bpd in April with a boost of 138,000 bpd, followed by further increases in May, June and July despite falling oil prices.
Meanwhile, Saudi Arabia's energy ministry said the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
8 hours ago
- Business Recorder
Saudi Arabia signs major investment deals to help rebuild Syria
DAMASCUS: Saudi Arabia on Thursday signed major investment and partnership deals with Syria, valued at $6.4 billion, to help rebuild the war-ravaged country's infrastructure, telecommunications and other major sectors. Saudi Arabia has been a major backer of the new Syrian government, which seized power after an Islamist-led offensive toppled longtime Syrian ruler Bashar al-Assad in December. Speaking at the Syrian-Saudi Investment Forum in the Damascus presidential palace, Saudi Investment Minister Khalid Al-Falih announced 'the signing of 47 agreements and memoranda of understanding… with a total value of nearly 24 billion Saudi riyals (around $6.4 billion)'. With interim President Ahmed al-Sharaa and other officials in attendance, Syrian economy minister Mohammed al-Shaar called the forum 'a historic milestone in the history of relations between our two brotherly countries'. Syria to sign 44 agreements worth nearly $6 billion with Saudi Arabia Falih said that 11 billion riyals (around $2.9 billion) would be spent on the infrastructure sector and would see the construction of three new cement factories. Saudi telecommunications companies will invest four billion riyals (around $1.07 billion) 'with the aim of developing infrastructure and enhancing cyber-security capabilities', he added. Other sectors including agriculture and finance are also expected to benefit from major agreements. Syria's 14-year civil war devastated much of the country's infrastructure and its new leaders are hoping to receive international support for reconstruction efforts, which the UN estimates could cost more than $400 billion. Earlier this month, President Donald Trump formalised the dismantling of US sanctions on Syria, hoping to reintegrate the country into the global economy. He had already lifted most of the measures in May, responding to appeals from Saudi Arabia and Turkiye. In May, Syria signed a $7 billion energy deal with a consortium of Qatari, Turkish and US companies to help revive its electricity sector.


Business Recorder
14 hours ago
- Business Recorder
TotalEnergies posts 23% drop in quarterly income as oil, gas prices sag
PARIS: TotalEnergies reported a 23% fall in second-quarter earnings on Thursday, as expected, the French oil major's worst performance in four years, as higher upstream production failed to offset lower earnings caused by the recent plunge in oil and gas prices. Adjusted net income fell to $3.6 billion for the three months to June 30 from $4.7 billion a year earlier, matching analyst expectations in an LSEG consensus, and down from $4.2 billion in the first quarter. Brent crude prices have fallen 20% from a year ago, as OPEC+ producers - including members of the Organization of the Petroleum Exporting Countries and allies such as Russia - started to unwind output cuts of 2.17 million barrels per day in April. Norway's Equinor on Wednesday reported a 13% drop in second-quarter profits, impacted by lower oil prices. Total's margin for refining crude into fuels is down 21% from a year ago, despite a slow recovery in the first half of 2025 from a collapse last year due to sagging demand and an increase in global competition. Its refining and chemicals earnings fell 39% compared to a year ago, the company said. Profit from its integrated liquefied natural gas (LNG) unit was down 9.6% year-on-year, but 20% lower than the first quarter of 2025, as lower prices and less volatility meant traders could not profit from price changes. The integrated power unit posted a higher-than-expected profit, however, up 14% from a year ago to $574 million. Total confirmed it would continue to offer share buybacks of $2 billion in the third quarter. It also forecast a 3% increase in hydrocarbon output in the coming quarter against the same period a year ago.


Business Recorder
16 hours ago
- Business Recorder
Syria to sign 44 agreements worth nearly $6 billion with Saudi Arabia
RIYADH: Saudi Arabia's investment minister led a business delegation travelling to Syria on Wednesday, where they were expected to sign deals worth $4 billion to $6 billion as part of Riyadh's efforts to support the country's post-war recovery. The Gulf kingdom has been a crucial supporter of interim President Ahmed al-Sharaa's government, which came to power after toppling longtime ruler Bashar al-Assad in December and is now seeking to rebuild Syria after a 14-year civil war. Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, who brought around 130 Saudi businesspeople to Damascus, is set to hold meetings with Syria's leadership ahead of a two-day investment conference opening on Wednesday, according to people due to attend. KSA adds $600m to $2.2bn investment Syrian Information Minister Hamza al-Moustafa said at a press conference on Wednesday that Syria will sign 44 agreements with Saudi Arabia estimated to be worth nearly $6 billion. The agreements cover various sectors, including energy, telecommunications, financial and banking, investment funds and others, the minister said. Some of the agreements will be signed between the government and private companies, he said. Saudi state-run Al Ekhbariya television reported on Tuesday that the agreements to be signed between Damascus and Riyadh would be worth over $4 billion. During his visit to Syria, Saudi Arabia's Al-Falih and his Syrian counterpart launched a cement factory project on Wednesday in Adra Industrial City in the Damascus countryside, the first white cement production project in the country, with an investment worth $20 million, Syrian state news agency SANA said. Al-Falih also broke ground on an integrated retail project by Saudi investment firm Ethraa Holding that is worth 375 million riyals ($99.96 million) in investments. Saudi Arabia has shown interest in Syria's energy and hospitality sectors, as well as airports, a diplomat and a Syrian businessman familiar with the matter told Reuters. The two countries are also expected to launch a joint business council, said the Syrian businessman. The investment conference had initially been scheduled to take place in June, but was delayed due to the war between Iran and Israel. It is going ahead this week despite sectarian clashes in Syria's southern city of Sweida that have left hundreds dead. The violence is a reminder of the lingering instability in Syria, even as foreign investors explore opportunities. Companies, many from Gulf states and Turkey, have expressed interest in rebuilding Syria's power generation capacity, roads, ports and other damaged infrastructure. Syria has signed a $7 billion power deal with Qatar and an $800 million agreement with UAE-based port company DP World in recent months. U.S. energy firms are also set to draw up a master plan for the country's energy sector. KSA investment minister arrives For its part, Saudi Arabia, along with Qatar, paid off Syria's World Bank arrears, opening the possibility of new lending. Syria's al-Sharaa made his first trip abroad as president, to Saudi Arabia in February. And the kingdom's Crown Prince and de-facto ruler Mohammed Bin Salman successfully lobbied U.S. President Donald Trump to lift sanctions seen as holding back private investment.