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
an hour ago
- Business Recorder
Europeans to test Iran's appetite for nuclear compromise as sanctions loom
PARIS: France, Britain and Germany will hold face-to-face talks with Iran on Friday for the first time since US and Israeli strikes on Iranian nuclear sites in June, aiming to gauge Tehran's appetite for a compromise to avert sanctions, diplomats say. The three European countries, along with China and Russia, are the remaining parties to a 2015 deal - from which the US withdrew in 2018 - that lifted sanctions on Iran in return for restrictions on its nuclear programme. Friday's talks between senior diplomats from the so-called E3 group and Iran's negotiating team will be held in Istanbul. The United States held five rounds of talks with Iran prior to its airstrikes in June, which US President Donald Trump, said had 'obliterated' a programme that Washington and its ally Israel say is aimed at acquiring a nuclear bomb. Iran denies seeking a nuclear weapon. European and Iranian diplomats say there is no prospect of Iran re-engaging with the US at the negotiating table for now. But the Europeans say negotiations must be revived due to a halt in inspections of nuclear facilities by the International Atomic Energy Agency (IAEA) and as an October 18 deadline for the expiration of the 2015 deal draws closer. They also want answers over the location of 400 kg (880 pounds) of near-weapons grade highly enriched uranium, whose whereabouts have not been known since last month's strikes. 'We are determined to do everything to reach a diplomatic solution,' German Foreign Minister Johann Wadephul told a press conference in Paris on July 18. SNAPBACK OR EXTENSION? Under the terms of the UN Security Council resolution enshrining the 2015 deal, UN sanctions could be reimposed before the agreement expires - a process that would take about 30 days. The E3, who do not want to lose leverage by letting the deal expire, have warned that unless there is a new nuclear accord they will launch the 'snapback mechanism', which would restore all previous UN sanctions on Iran, including on the oil, banking and defence sectors. With Russia - an ally of Iran - taking over the Security Council presidency in October, the three European countries have signalled that the latest window to reactivate the sanctions would be the end of August. Three European, one regional and an Iranian diplomat said the meeting in Istanbul would focus primarily on the issue of the snapback mechanism. They said the E3 would float the possibility to Iran of extending the snapback mechanism by up to six months. In return, Iran would need to make commitments on key issues, including eventual talks with Washington, full cooperation with the IAEA, and accounting for its stockpile of highly enriched uranium. Speaking to reporters at the UN on Wednesday, Iranian Deputy Foreign Minister Kazem Gharibabadi, who will be in Istanbul, said Tehran had agreed to allow a technical team from the IAEA to visit in the coming weeks. He warned that a triggering of the snapback mechanism would be met with a strong response from Tehran. It has previously threatened to leave the Non-Proliferation Treaty (NPT) over the issue. Gharibabadi added that he had heard about the possibility of an extension.
Business Recorder
13 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
19 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.
