September 01, 2023 10:22 GMT
Saudi August Crude Exports Slump to Over 2-Year Low
Saudi Arabia’s observed crude oil exports fell to 5.6mbpd in August, the lowest level since March 2021, amid the kingdom’s pledged voluntary 1mbpd output cut, Bloomberg tanker-tracking data show.
- This was down from 6.3mbpd in July.
- Saudi crude exports for the first 24 days of August averaged 5.3mbpd, according to Kpler data, but exports for the last week of August showed a rebound and were estimated to rise to 5.6-5.8mbpd. Final Kpler figures put Saudi crude oil exports in August at 5.22mbpd, while Vortexa sees August exports at 5.58mbpd.
- On a country level, exports to China slumped to the lowest level since June 2020 in August to 1.274mbpd, while shipments to Japan fell to a multi-year low of 543kbpd, similar with South Korea. Egypt imported 65kbpd of crude from Saudi Arabia last month, compared with 645kbpd in July.
- Market participants are expecting Saudi Arabia to announce a rollover of output cuts into October. The Kingdom usually announces its planned output and OSPs at the beginning of each month.