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Saudi crude oil exports fall below y-o-y average

Oil&Gas Materials 18 September 2018 16:07

Baku, Azerbaijan, Sept.18

By Leman Zeynalova – Trend:

Saudi Arabia’s crude oil production dropped to 10.288 million barrels per day in July 2018, as compared to 10.489 million barrels per day a month earlier, according to the report of the Joint Organizations Data Initiative (JODI).

The country’s oil export stood at 7.118 million barrels per day in July 2018, as compared to 7.244 million barrels per day in June 2018, said the report.

Thus, the country’s oil exports fell below the year-on-year average.

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.

Earlier, OPEC and several other non-OPEC producers reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November last year.

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