SAUDI ARABIA DATA: Exports hit 4-month of 5.649 million bpd in May

Quantum Commodity Intelligence – Exports of crude oil from Saudi Arabia gained 241,000 barrels per day in May, or 4.5%, to a 4-month high of 5.649 million bpd, according to data released Monday by the Joint Oil Data Initiative (JODI).

This left exports down 18.6% from the same month in 2019, however, when the country exported 6.942 million bpd.

Production in the world's largest exporter and producer of oil also increased 410,000 bpd, equivalent to a 5% gain on the month, to a 4-month high of 8.544 million bpd.

Production was down 11.6% from May 2019.

Refinery throughput in the country rose 94,000 bpd, or 4.1% on the month, to 2.389 million bpd - 3% lower than May 2019.

This weekend the OPEC+ group of producers, of which Saudi Arabia is a leading member, agreed to increase their combined crude oil output by 2 million bpd by the end of this year, at a rate of 400,000 bpd each month starting August.