Saudi Arabia’s oil exports hit five-month low in May
Saudi Arabia exported 6.94 million barrels per day (bpd) in May, down from 7.74 million bpd in April and the lowest since December, according to data from the Joint Organizations Data Initiative (JODI). Exports also fell for a second straight month in May.
JODI also reported that Saudi refineries processed 2.4 million bpd for their own operations in May, up from April’s 2.2 million bpd, posting the highest level since January 2002.
Saudi Arabia’s exports to China, meanwhile, fell 18% on the year in May, posting the lowest level since August 2012, according to data from China’s Customs General Administration. In May, China’s oil imports also declined by 11% compared with the same period of last year.
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