#SaudiArabia Crude Oil Exports Plummet as OPEC Giant Slashes Production - Bloomberg

Saudi Arabia Crude Oil Exports Plummet as OPEC Giant Slashes Production - Bloomberg

Saudi Arabia’s crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb production and bolster oil prices.

Observed flows from the kingdom slumped to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg show. That compares with a revised 6.3 million barrels a day in July. Shipments to most major destinations, including China and the US, plummeted to multiyear lows.

The Organization of Petroleum Exporting Countries and allies including Russia are restricting supply in order to buttress the market, particularly amid signs of lackluster demand in major oil consumer China. Since July, Saudi Arabia has pledged to implement a unilateral production cut of 1 million barrels a day on top of existing curbs.

Saudi officials didn’t immediately respond to a request for comment on August’s oil exports. Friday is the start of the weekend in the country. The figures compiled by Bloomberg, which are preliminary, are broadly in line with those from analytics firms Vortexa Ltd. and Kpler.