Saudi Arabia ramped up crude oil shipments to West of Suez markets last month to the highest level since the beginning of the Covid-19 pandemic. Kpler data shows shipments to Europe and Egypt’s Ain Sukhna terminal – the Red Sea terminal of the Sumed pipeline network through which crude is re-exported to Europe – averaged 1.32mn b/d in September, by far the highest figure since April 2020’s 1.64mn b/d.
That April 2020 figure came when Saudi Arabia was embroiled in a short-lived market share war to bring other producers to the table for historically deep production cuts from May 2020. When Saudi Arabia increased production to a record 11.87mn b/d in April 2020, buyers in Europe and elsewhere across the globe snapped up the excess volumes. (CONTINUED - 809 WORDS)
