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Saudi oil exports and production continue to rise, highest since April 2020: JODI

Saud Arabia’s crude oil exports and production went up again in November to reach their highest levels since April 2020, according to the Joint Organisations Data Initiative.

Saudi crude oil exports grew by 116,000 barrels per day in November to 6.95 million barrels per day.

This corresponded to a monthly 1.7 percent increase from 6.83 million bpd in October, JODI revealed in its latest report.

In annual terms, outgoing oil shipments were up by 9.4 percent.

Additionally, crude oil production grew by 132,000 bpd in November to 9.91 million bpd. Crude output rose by 1.3 percent from 9.78 million bpd in October.

This was accompanied by a 10.5 percent yearly growth.

Moreover, crude closing stocks decreased by 4.43 million barrels from October to 132.4 million barrels in November, the lowest ever level on record. Crude stocks also fell by 11.1 million barrels, or 7.7 percent, from November 2020.

Refinery intake increased by 161,000 bpd, or 6.2 percent, from a month earlier to 2.77 million bpd in November.

The direct use of crude oil, which measures oil usage for generating electricity, went up by 3.4 percent to 0.339 million bpd. This followed the steep 40 percent decline experienced in the prior month.

Saudi oil refinery output grew by 0.47 million bpd in November from the same month a year ago to 2.84 million bpd. This translates to a growth rate of 19.6 percent year-on-year. 

Over the same period, exports of refined products grew by 0.49 million bpd, or 45.4 percent, to 1.56 million bpd. This indicates that the bulk of the increase in output was shipped outside the country.

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