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Oil

Saudi Arabia’s crude oil exports hit eight-month high in Dec 2020

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Saudi Arabia’s crude oil exports rose for a sixth straight month to an eight-month peak in December 2020, official data showed on Wednesday.

Exports rose to 6.495 million barrels per day (bpd), highest since April 2020, from November’s 6.35 million bpd.

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The world’s largest oil exporter’s total crude and oil products exports rose month-on-month to 7.71 million barrels per day, the Joint Organizations Data Initiative (JODI) said on its website.

Saudi domestic crude refinery throughput fell by 0.4 percent to 2.33 million bpd, while direct crude burn dropped by 53,000 bpd to 267,000 bpd.

The country’s crude output was little changed at 8.98 million bpd.

Saudi Arabia, plus other members of the Organization of the Petroleum Exporting Countries and its allies, have been curbing output to support oil prices since January 2017.

The kingdom has pledged an additional voluntary production cut of 1 million barrels per day (bpd) in February and March.

Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.

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