Saudi Arabia’s oil exports increased in August for the third consecutive month to the highest level in more than two years, according to data from the joint data initiative (Judy), which was released today, Monday.
From 7.38 million barrels per day in July to 7.6 million barrels per day in August—the highest level since April 2020—crude exports grew by around 3%.
The production of the world’s largest oil exporters increased to 11. 051 million barrels per day in August from 10. 815 million barrels per day in July.
At a meeting in Vienna earlier this month, OPEC +—a group made up of OPEC members and partners, including Russia—agreed to cut the targeted production by two million barrels per day.
In August, Saudi Arabia’s domestic crude oil refineries produced 38 thousand more barrels per day, or 2. 801 million barrels per day, than they burned directly, or 664 thousand barrels per day.
The Judy initiative receives monthly export data from Riyadh and other OPEC countries, which it then posts on its website.
August saw an increase in Saudi crude oil shipments to 7.6 million barrels per day.
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