Latest official Saudi oil data for July show the kingdom importing crude for the first time in over 20 years of Jodi data. This is due to a categorization switch, with Aramco now marketing a portion of Bahrain’s share of exports from the Abu Safah offshore oil field. These volumes now show as crude oil imports and exports for Saudi Arabia.
As a result of this categorization switch, Jodi shows Saudi crude ‘imports’ of 1.7mn barrels for July (55,000 b/d), and a corresponding drop in Bahrain crude exports to just 80,000 b/d. (CONTINUED - 1006 WORDS)