Saudi Arabia cut crude exports in August by 317,000 b/d to 7.3mn b/d as seasonal oil burning increased to its annual high and the kingdom opted to cut back on crude stock drawdown. Preliminary shipping data indicates that exports bounced back in September and have got off to a strong start in October as Saudi looks to preserve its market share.
Crude production is being maintained at near record highs. The latest Saudi submission to OPEC’s monthly report gives a September crude output figure of 10.65mn b/d, up from the 10.63mn b/d produced in August and only 0.2% short of July’s record 10.673mn b/d. MEES estimates output last month to have been somewhat lower at 10.53mn b/d, a fall of 4,000 b/d from August (MEES, 7 October). (CONTINUED - 735 WORDS)