Saudi crude export falls to lowest level in last 34 months
Baku, Azerbaijan, Sept.19
By Leman Zeynalova – Trend:
Saudi crude oil exports in July fell by 196,000 barrels per day month-on-month to 6.693 million barrels per day - their lowest level in the last 34 months, according to the report of the Joint Organizations Data Initiative (JODI).
The country’s crude oil export stood at 6.889 million barrels per day in June 2017, according to JODI data.
This is while Saudi Arabia’s crude oil output has dropped from 10.070 million barrels per day in June to 10.010 million barrels per day in July 2017, the data shows.
Saudi Arabia has undertaken the largest cut in oil output (486,000 barrels per day) among the participants of the OPEC deal signed last year in Vienna.
On May 25, 2017, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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