Saudi Press

Saudi Arabia and the world
Friday, Feb 03, 2023

Saudi Arabia’s crude oil exports at 5-month low in November: JODI data 

Saudi Arabia’s crude oil exports at 5-month low in November: JODI data 

Saudi Arabia’s crude oil exports hit a five-month low in November 2022, as it declined to 7.28 million barrels per day from 7.7 million bpd in October, the International Energy Forum said on Thursday, citing data from the Joint Organizations Data Initiative.
According to the report, the Kingdom’s crude production went down by 489,000 bpd in November to 10.47 million bpd, which also resulted in a decline in global crude production by 599,000 bpd.

JODI data indicated that global oil demand climbed seasonally by 1.7 million barrels per day in November to its highest level since February 2022, primarily driven by gains in China, Japan, and India.

Oil demand in China rebounded by nearly one million bpd month-on-month, and the Asian giant’s crude imports soared 1.22 1.2 million bpd to a 20-month high.

Global demand was at 100 percent of pre-pandemic levels in November, while crude production was at 97 percent of pre-pandemic levels, the report noted.

Meanwhile, Saudi Arabia’s crude inventories increased by 3 million barrels in November, but product inventories fell by 2.5 million barrels.

Earlier in December, the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, agreed to maintain the status quo on output.

In October, OPEC+ had agreed to cut output by 2 million barrels per day, which equals to about 2 percent of world demand, from November until the end of 2023.

The JODI data suggested that US crude production in November decreased by 261,000 bpd to 12.12 million bpd, while total product demand declined by 203,000 bpd.

Meanwhile, the combined natural gas inventories of the UK and EU declined by 2.2 billion cubic meters in November, less than the seasonal average draw of 7 bcm. Inventories stood at 93 percent full at the end of the month, the report further stated.

JODI updated the oil and gas database on Jan. 19 with 50 countries reporting data for the latest month of November 2022. Interestingly, this month’s data did not include updates from Russia, one of the world’s largest energy producers.

On Jan. 17, OPEC, in its monthly report said that global oil demand in 2023 will rise by 2.22 million bpd, or 2.2 percent.

“The global momentum in the fourth quarter of 2022 appears stronger than previously expected, potentially providing a sound base for the year 2023,” OPEC said in the report.

OPEC also noted that its crude oil output in December rose by 91,000 bpd to 28.97 million bpd.
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Shell reports highest profits in 115 years
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
×