Saudi oil exports hit a record 9.25mn b/d in September as the Opec kingpin shows scant sign of reining in output ahead of Opec’s planned 30 November meeting in Vienna where the organization is supposed to be striking a deal to limit output.
The record exports came as the kingdom kept output at over 10.6mn whilst cutting direct crude burning by 249,000 b/d in September, the biggest monthly drop since October 2009 and the lowest September figure since 2007, freeing up more crude for exports. And October exports are unlikely to have fallen significantly with the latest Saudi official submission to Opec putting crude output at 10.625mn b/d, down only fractionally on September’s 10.650mn b/d. July-October has seen the four highest monthly Saudi figures on record – and all over 10.6mn b/d. (CONTINUED - 894 WORDS)