Saudi oil exports in August to stay at July level as domestic consumption rises
Saudi Arabia’s oil exports in August will remain the same as in July as the extra barrels the kingdom is set to pump next month under an OPEC+ deal will be consumed domestically to meet rising power generation demand, industry sources told Reuters.
Saudi Arabia often burns more oil -- estimated at about 550,000 barrels per day (bpd) -- during the hot summer months for power generation.
This summer the demand for oil burning is set to rise more than last year due to COVID-19 movement restrictions which have forced millions of people to stay home.
Read more: Oil prices fall on signs OPEC+ will lower output cuts
The Organization of the Petroleum Exporting Countries and others led by Russia, known as OPEC+, have been cutting oil output since May by a record 9.7 million bpd. Under their agreement, after July the cuts are due to taper to 7.7 million bpd until December.
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Key OPEC+ ministers, including Saudi Arabia and Russia as members of the Joint Ministerial Monitoring Committee (JMMC), will hold talks on Wednesday to review the oil market and compliance with the OPEC+ cut pact.
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