SAUDI DATA: Crude stockpiles slump to record low as exports keep rising

Dubai — Saudi Arabia's crude stockpiles dropped to their lowest on record in December as the OPEC kingpin continued to push out more exports with direct use falling even more, according to data from the Joint Organisations Data Initiative.

Stocks ended the month at 140 million barrels, down from 143.4 million at the end of November and the lowest since the data started being collected in January 2002, the JODI data released Feb. 17 showed. Exports reached 6.495 million b/d, the highest since the record 10.237 million b/d was set in April 2020.

Saudi crude exports have increased every month since dipping to a historic low of 4.98 million b/d in June, when the kingdom instituted voluntary production cuts in addition to those agreed with OPEC and its allies. The kingdom has again offered an extra 1 million b/d of cuts for February and March. Production was little changed at 8.98 million b/d in December, just below its OPEC+ quota.

Saudi refinery intake fell 11,000 b/d on the month to 2.328 million b/d in December, a five-month low, the JODI data showed. Direct use of crude burned for power generation dropped to 267,000 b/d, the lowest since February 2019, from 320,000 b/d in November. Direct use had peaked for the year at 702,000 b/d in August as hot weather boosted seasonal electricity demand for air conditioning.

Combining exports, refinery intake and direct-use figures showed Saudi Arabia supplied 9.09 million b/d to the market, up from 9.01 million b/d in November.

Under the OPEC+ accord, Saudi Arabia's output quota was 8.99 million b/d through the end of 2020 and rose to 9.119 million b/d in January.

The country's oil product exports, including LPG, naphtha, motor and aviation fuels, kerosene and diesel, rebounded to 1.213 million b/d in December from 1.07 million b/d in November.

The JODI database is maintained by the Riyadh-based International Energy Forum.