Arab News, Wed, May 22, 2024 | Dhu al-Qadah 14, 1445
Saudi crude exports reach 9-month high: JODI
Saudi Arabia:
Saudi Arabia’s crude exports reached 6.41 million barrels per day in March,
according to an analysis from the Joint Organizations Data Initiative.
This figure increased by 96,000 bpd, or 1.52
percent, compared to the previous month, marking a nine-month high.
Furthermore, the data indicated that the Kingdom’s
crude production fell to 8.97 million bpd, reflecting a monthly decrease of 0.42
percent.
This can be linked to the voluntary oil production
cuts adopted by members of the Organization of the Petroleum Exporting Countries
and their allies, known as OPEC+. Saudi Arabia announced in March the extension
of its 1 million bpd cut, initially implemented in July 2023, until the end of
the second quarter of 2024.
The Ministry of Energy said that the Kingdom’s
production will be approximately 9 million bpd until the end of June.
Meanwhile, refinery crude output, representing the
processed volume of crude oil yielding gasoline, diesel, jet fuel, and heating
oil, fell by 4 percent compared to the previous month, reaching 2.56 million
bpd, according to JODI data.
Saudi Arabia’s direct burn of crude oil, which
involves using oil without substantial refining processes, decreased by 53,000
bpd in March, representing a 14.7 percent fall compared to the preceding month.
The total direct burn for the month amounted to 307,000 bpd.
The Ministry of Energy aims to enhance the
contributions of natural gas and renewable sources as part of the Kingdom’s goal
to achieve an optimal, highly efficient, and cost-effective energy mix.
This involves replacing liquid fuel with natural
gas and integrating renewables to constitute approximately 50 percent of the
electricity production energy mix by 2030.