Data from the joint organizations data initiative (Judy) showed that Saudi Arabia’s exports of crude oil rose in September for the fourth month in a row, to the highest level in 29 months.
Crude exports increased by about 1. 6 percent to 7. 721 million barrels per day in September, 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.
On Monday, OPEC 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 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 the West 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.
On Thursday, the Saudi Giant Oil Company, Aramco, announced that it is planning to invest in a seven billion dollar project to produce petrochemicals of crude oil through its S-Awalath refining company in Ulsan, South Korea..
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