Baku, Azerbaijan, July 20
By Aygun Badalova – Trend:
Saudi Arabia, which is the largest OPEC oil producer and exporter, saw crude exports tumble to their lowest point in seven months in May despite an overall increase in oil production, International Oil Daily (IOD) reported June 20.
According to the latest report from Joint Organizations Data Initiative (JODI), Saudi Arabia’s exports of 7.295 million barrels per day in May were 149,000 barrels per day lower than 7.444 million barrels per day in April.
The drop in exports occurred despite a rise in Saudi Arabia’s oil production to 10.27 million barrels per day in May versus 10.26 million barrels per day a month earlier.
Nevertheless, production lags behind the record 10.56 million barrels per day hit in June 2015.
Total Saudi crude supply - comprising exports, direct crude burn at home and refinery intake - fell to 10.324 million barrels per day in May, the lowest level this year so far, compared with 10.455 million barrels per day in April and 10.512 million barrels per day in March.
Last week, Saudi Energy Minister Khaled al-Falih told German daily Handelsblatt that an oil price higher than $50 per barrel would be needed to achieve a balance in oil markets in the long term.
He said that a fair oil price was somewhere between $50 and $100 a barrel.
OPEC’s latest estimates showed that Saudi Arabia produced 10.308 million barrels per day of oil in June compared to 10.242 million barrels per day in May.
The total OPEC oil production in June increased by 264,100 barrels per day to average 32.858 million barrels per day.