Saudi Arabia Produces 8.94 Million Barrels of Oil per Day, Up 1.26%: JODI

In July, Saudi Arabia produced 8.94 million barrels of crude oil per day, up 1.26 percent from June.

However, according to figures from the Joint Organizations figures Initiative, petroleum exports decreased to 5.74 million bpd, a 5.06 percent drop.

The amount of petroleum consumed domestically increased by 79,000 barrels per day to 2.83 million barrels. In a virtual meeting held on September 5, members of OPEC+ reaffirmed their commitment to the voluntary production cutbacks that had been previously announced for April and November of 2023, with a focus on adhering to the agreed adjustments.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman, and the United States of America all reaffirmed their commitment to reducing output, while Kazakhstan and Iraq pledged to adhere to the compensation plans they had provided to the OPEC Secretariat following the April conference.

Refinery crude exports fell by 17 percent to 1.13 million barrels per day, according to data. The primary products were fuel oil, motor and aviation gasoline, and refined crude used to make diesel. Refined product exports were notably led by diesel (43%) and motor and aviation gasoline (30%), with fuel oil making up the remaining 8%. Shipments of fuel oil increased by 20 percent to 343,000 bpd despite its lower percentage.

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