Saudi Arabia’s crude oil exports rise 6.2% in June
The JODI also reported that Saudi Arabia’s oil production breached a new record level in June, rising to 10.564 million bpd from 10.333 million bpd in May. However, the kingdom cut its production by 200,000 bpd to 10.36 million bpd in July.
The data also showed that oil consumption in Saudi Arabia’s power sector rose to its highest level in almost a year in June. The country’s crude oil consumption to generate power increased to 894,000 bpd in June from May’s 677,000 bpd. However, domestic refineries saw a decline in processing activity, processing 2.099 million bpd in June, down from 2.423 million bpd in May. Meanwhile, exports for refined oil products declined to 1.008 million bpd, down from 1.318 million bpd in the previous month.
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