Arab News, Saturday, Jan 22, 2022 | Jamada Al-Aakhirah 18, 1443
Saudi oil exports and production continue to rise, highest since April 2020: JODI
Saudi Arabia: Saudi Arabia's crude
oil exports and production went up again in November to reach their highest
levels since April 2020, according to the Joint Organisations Data Initiative.
Saudi crude oil exports grew by 116,000 barrels
per day in November to 6.95 million barrels per day.
This corresponded to a monthly 1.7 percent
increase from 6.83 million bpd in October, JODI revealed in its latest report.
In annual terms, outgoing oil shipments were up by
9.4 percent.
Additionally, crude oil production grew by 132,000
bpd in November to 9.91 million bpd. Crude output rose by 1.3 percent from 9.78
million bpd in October.
This was accompanied by a 10.5 percent yearly
growth.
Moreover, crude closing stocks decreased by 4.43
million barrels from October to 132.4 million barrels in November, the lowest
ever level on record. Crude stocks also fell by 11.1 million barrels, or 7.7
percent, from November 2020.
Refinery intake increased by 161,000 bpd, or 6.2
percent, from a month earlier to 2.77 million bpd in November.
The direct use of crude oil, which measures oil
usage for generating electricity, went up by 3.4 percent to 0.339 million bpd.
This followed the steep 40 percent decline experienced in the prior month.
Saudi oil refinery output grew by 0.47 million bpd
in November from the same month a year ago to 2.84 million bpd. This translates
to a growth rate of 19.6 percent year-on-year.
Over the same period, exports of refined products
grew by 0.49 million bpd, or 45.4 percent, to 1.56 million bpd. This indicates
that the bulk of the increase in output was shipped outside the country.