SAUDI DATA: Crude oil inventories rebound from record low, despite increased exports
Saudi crude exports to highest since January
Crude inventories rose 3.3 million barrels in September
Direct use for power generation decreased by 111,000 bpd
Saudi Arabia’s crude oil inventories rebounded in September after hitting an all-time low in August, as the country increased production while using much less for power generation and cutting back slightly. refining cycles, according to data from the Joint Organizations Data Initiative.
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Saudi Arabia exported 6.516 million b / d of crude in September, its highest level since January and an increase from 6.450 million b / d in August, according to JODI data released on November 18.
The kingdom’s direct use of crude for power generation fell to 543,000 b / d in September from 654,000 b / d in August, while refinery consumption was 2.490 million b / d, from 2.521 million bpd in August.
Combining crude oil exports, refinery cycles and direct use figures, Saudi Arabia supplied 9.549 million b / d in September, up from 9.625 million b / d in August.
The September figure supplied to the market is lower than Saudi Arabia’s reported production of 9.662 million bpd for the month. As a result, Saudi crude stocks showed a significant rebound to 136.5 million barrels from 133.2 million barrels in August, which was the lowest since at least January 2002, when JODI began collecting data. .
Saudi production is on the rise as OPEC and its allies have gradually increased production quotas by a combined 400,000 bpd each month since July. Steady increases are expected to continue through the end of 2022, although ministers will continue to meet monthly to review market forecasts and adjust volumes, if necessary.
Exports of petroleum products, including LPG, naphtha, motor and aviation fuels, kerosene and diesel, fell to 1.324 million bpd in September, from 1.447 million bpd in August, which had peaked in 15 months.
The JODI database is managed by the Riyadh-based International Energy Forum.