|19 July, 2019

Saudi Arabia’s crude oil exports marks 13 month low in May

Saudi oil output fell by 137,000 bpd in May

Image used for illustrative purpose. Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California.

Image used for illustrative purpose. Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California.

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Riyadh – Saudi Arabia’s crude oil exports declined to 6.94 million barrels per day (bpd) in May 2019, recorded the lowest level since October 2017.

The kingdom’s exports dropped by about 240,000 barrels per day (bpd) in May 2019, from 7.18 million bpd in April 2019, according to monthly export figures provided by Riyadh and other OPEC members under the Joint Organizations Data Initiative (JODI).

Month-on-month, Saudi oil output fell by 137,000 bpd to 9.67 million bpd in May. Oil production from OPEC dropped in May, hitting its lowest level for five years.

OPEC crude output dropped by 236,000 barrels per day (bpd) to 29.87 million bpd last May, the producer club said in its closely watched monthly oil market report (OMR), citing independent sources.

OPEC agreed on Monday to keep oil production curbs in place until March 2020 as the producer club’s members managed to reach a consensus to buoy crude prices.

Source: Mubasher

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