Saudi Crude Exports Slip from 9-Month High in April

Saudi Arabia's crude oil exports fell in April, slipping from their highest in nine months hit in the previous month, data from the Joint Organizations Data Initiative (JODI) showed on Monday.

WHY IT IS IMPORTANT

Saudi Arabia is the world's largest exporter of crude oil.

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, can pause or reverse oil production increases if the market weakens, the Saudi energy minister said this month.

BY THE NUMBERS

Crude exports from the world's largest oil exporter decreased 6.9% to 5.968 million barrels per day (bpd) in April, down from 6.413 million bpd in March.

The country's crude production rose to 8.986 million bpd in April from 8.973 million bpd in the prior month.

Data also showed that Saudi refineries' crude throughput fell by 0.015 million bpd to 2.545 million bpd and direct crude burning increased by 93,000 bpd to 400,000 bpd in April.

CONTEXT

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website.

Saudi Arabia this month lowered the official selling price of its flagship Arab Light crude to Asia for July, which marked the first cut in five months, and was at the lower end of traders' expectations in a Reuters survey.

The potential price reduction for Asia, which accounts for 82% of Saudi Arabia's oil exports, underscores the pressure faced by producers in the OPEC group, amid robust non-OPEC supply growth and a global economy facing headwinds.

OPEC+ agreed to extend most of its deep oil output cuts well into 2025 at its policy meeting on June 2.