Saudi Arabia's exports of crude oil in June rose to a five-month high, figures from the Joint Organizations Data Initiative showed, as the kingdom continued unwinding its voluntary extra production cut.
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The OPEC kingpin exported 5.965 million b/d in June, up from 5.649 million b/d in May to the highest since January, according to the JODI data Aug. 19.
Saudi Arabia in February began cutting an extra 1 million b/d of its crude production to help support oil prices, but has been boosting output since May and added another 373,000 b/d in June with the market steadily recovering from the pandemic.
June production stood at 8.927 million b/d, the JODI data showed, compared with its quota of 9.347 million b/d under the supply accord between OPEC and its allies. The data should show even higher July production when Saudi Arabia's quota increased to 9.5 million b/d.
Saudi refinery intake advanced to 2.398 million b/d in June from 2.389 million b/d in May, while direct use for power generation climbed to a nine-month high of 586,000 b/d from 451,000 b/d, according to the JODI data.
Combining the exports, refinery runs, and direct use, figures shows Saudi Arabia supplied 8.949 million b/d to the market, versus 8.49 million b/d in May.
With production close to supplies to the market, Saudi crude inventories dropped 636,000 barrels, after two consecutive monthly gains. They had shrunk in March to their lowest since JODI began compiling the figures in January 2002.
Oil product exports, including LPG, naphtha, motor and aviation fuels, kerosene and diesel, rose to 1.358 million b/d -- the most since May 2020 -- from 1.286 million b/d in May.
The JODI database is maintained by the Riyadh-based International Energy Forum.