Crude exports increased by about 1. 6 percent to 7. 721 million barrels per day in September, which is the highest level since April of 2020, compared to 7. 601 million barrels per day in August.
However, the production of the world’s largest oil exporting country declined to 11. 041 million barrels per day in September, compared to 11. 051 million barrels per day in the previous month.
Riyadh and other members of the Organization of Petroleum Exporting Countries (OPEC) provides its monthly exports to Judy, which it publishes on its website.
In its latest report, OPEC has reduced its expectations for the growth of global oil demand in 2022 for the fifth time since April, and estimates have been reduced for the next year, and this attributed this to the escalating economic challenges, including high inflation and interest rates.
OPEC and its allies, in the group known as OPEC+, decided in October to reduce production. Saudi Arabia, the largest producer in OPEC, said that the targeted reduction by two million barrels per day is necessary in light of the high interest rates in major economies and the slowdown in the global economy.
The group is expected to hold its next meeting in Vienna on December 4.
The consumption of local crude oil refineries in Saudi Arabia decreased by about 108 thousand barrels per day to 2.
693 million barrels per day in September, while the direct burning of the crude fell 142 thousand barrels per day to 522 thousand barrels per day.
The Giant Saudi Oil Company, Aramco, announced on Thursday that it plans to invest in a seven billion dollar project to produce petrochemicals of crude oil through its S-Etisplane refining company in Ulsan, South Korea..
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