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RIYADH: Saudi Arabia’s crude oil exports hit their highest level in more than two years in August at 7.6 million barrels per day, according to the United Data Initiative.
The kingdom rose 3% from July, the highest level since April 2020.
It was also the third straight month of gains.
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The data also showed that Saudi Arabia’s crude output surpassed the 11 million bpd cap for the third time in August, reaching 11.1 million bpd, the third time in the country’s history.
Domestic refinery output rose by 38,000 bpd to 2.8 million bpd, while its direct crude consumption rose by 3,000 bpd to 664,000 bpd in August.
The country’s crude oil inventories fell 0.5 mb in August, while its product inventories rose 2.3 mb, JODI data showed.
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Earlier this month, the Organization of the Petroleum Exporting Countries and its ally OPEC+ decided to cut its output target by 2 million bpd.
Global oil demand rose by more than 2 million bpd in August, while global crude production rose by nearly 500,000 bpd in July, following counter-seasonal declines in the United States, China, Japan, Saudi Arabia and Indonesia.
In August, global demand remained at 99% of pre-pandemic levels, while crude oil production held at 98%, according to JODI data.
Russia and the European Union
In addition, Russian oil production edged up to 10 million bpd, 260,000 bpd less than in 2021 before the Russian-Ukrainian war.
Russian gas production levels edged up for the first time since March 2022, but remained 31% below March levels and at a seasonal low in five years.
The data also showed that total gas inventories in the EU and the UK rose by 12.2 billion cubic meters to 81% at the end of August.
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