Latest news with #JODI
Yahoo
a day ago
- Business
- Yahoo
Saudi Arabia's Crude Oil Exports Hit 3-Month High in May
Saudi Arabia's crude oil exports rose to a three-month high in May, the latest data by the Joint Organizations Data Initiative (JODI) showed on Monday, as the Kingdom leads the OPEC+ production increases this summer. Saudi Arabia, the world's top crude oil exporter, saw its shipments rise by 25,000 barrels per day (bpd) from April to 6.19 million in May, according to the JODI data which compiles self-reported figures from the individual countries. The export levels in May reached the highest since February this year, when the shipments exceeded 6.5 million bpd, the data showed. Meanwhile, Saudi crude oil production jumped by 179,000 bpd to reach a 23-month high in May, as the Kingdom and its OPEC+ allies started easing their production cuts in April this year. Saudi Arabia's domestic refinery intake inched by 17,000 bpd in May from the previous month, but total product demand surged by 478,000 bpd to the highest level in 9 months. The demand in May was above the five-year average range, according to the data in JODI. Since April, Saudi Arabia has been consistently increasing its crude oil production, as it leads the OPEC+ group's current policy to unwind 2.2 million bpd in total oil production cuts. Earlier this month, OPEC+ caught the market by surprise by announcing a larger-than-expected output hike of 548,000 bpd for August. Another production boost of 550,000 bpd for September is expected, and this would allow OPEC+ to unwind all the 2.2 million bpd cuts. OPEC+ producers still have 1.6 million bpd in other production cuts spread among the group members and expiring at the end of 2026. OPEC has already announced individual members' production in June, which showed a large gap in estimated and self-reported Saudi oil production. The Saudi output of 9.356 million bpd, per OPEC's numbers based on secondary sources tracking production and supply, was in perfect alignment with the Saudi quota. But in the table with self-reported figures, OPEC put an asterisk – in a very unusual move – next to the Saudi production number of 9.360 million bpd, explaining below that 'Saudi Arabia's supply to the market in June was 9,360 tb/d and production was 9,752 tb/d.' By Michael Kern for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
a day ago
- Business
- Zawya
Saudi Arabia crude exports hit three-month high in May
Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. 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. 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.
Business Recorder
a day ago
- Business
- Business Recorder
Saudi Arabia crude exports hit three-month high in May
Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. 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.
Arab News
a day ago
- Business
- Arab News
Saudi crude exports rise to 6.2m bpd: JODI
RIYADH: Saudi Arabia's crude oil exports rose to 6.19 million barrels per day in May, an annual increase of 1.19 percent, according to the Joint Organizations Data Initiative. 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.
Reuters
a day ago
- Business
- Reuters
Saudi Arabia crude exports hit three-month high in May
July 21 (Reuters) - Saudi Arabia's crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. 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. 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.
