The latest figures from Jodi show that total Saudi oil exports dropped to just 6.07mn b/d in June at the height of the kingdom’s Opec+ cuts. June was the month in which Saudi Arabia added 1mn b/d of additional voluntary cuts to its Opec+ commitments (MEES, 10 July).
The resultant cuts pushed Saudi oil exports down to their lowest figure in nearly a decade. Not since October 2010 did the kingdom export such little oil. Within this, the steep fall in domestic demand due to the pandemic meant that exports of refined products have risen markedly in recent months. As a result, refined products accounted for a greater-than-normal proportion of total exports (MEES, 21 August for full data). (CONTINUED - 842 WORDS)