RIYADH: Saudi Arabia’s crude oil exports in October rose to 7.77 million barrels per day from 7.72 million bpd in September, hitting a 30-month high as global demand climbed counter-seasonally in the month, according to the latest data from the Joint Organizations Data Initiative.
The report, however, noted that the Kingdom’s crude production decreased by 84,000 bpd in October to 10.96 million bpd.
JODI, in its report, noted that demand growth was primarily driven by gains in China, US and India.
The report further pointed out that Saudi refinery intake in October was reduced by 14,000 bpd to 2.68 million bpd, while total product exports for the month rose by 137,000 bpd to 1.58 million bpd.
Earlier in December, the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, agreed to maintain status quo on output.
In October, OPEC+ had agreed to cut output by 2 million barrels per day, which equals to about 2 percent of world demand, from November until the end of 2023.
According to the report, global demand was at 99 percent of pre-COVID levels in October, while crude production was at 96 percent of pre-pandemic levels.
The data suggested that Russian oil production fell by 107,000 bpd to 9.88 million bpd in October, primarily due to the conflict in Ukraine which made many European nations stay away from Russian energy imports.
Russian gas production, however, increased slightly for the third consecutive month, but was still 22 percent below March levels and at a five-year seasonal low.
The report added that China’s oil demand increased in October by 518,000 bpd, as Asia’s biggest economy started easing COVID-related restrictions.
Crude imports to China also rose by 368,000 bpd in October to 10.19 million bpd, the highest in five months.
In the US, crude production fell by 297,000 bpd to 11.97 million bpd in October.
US total product demand increased in October by 621,000 bpd, while diesel demand in the country rose by 129,000 bpd.
US crude oil closing stocks fell by 8.38 mb in October and are now at their lowest level recorded in JODI, since its data collection which began on January 2002.
Global natural gas demand rose by 5.8 billion cubic meters in October, less than the seasonal average gain of 14.5 bcm, while gas production rebounded in October, increasing 10.6 bcm month-on-month.
Meanwhile, OPEC, in its monthly report noted that oil demand in 2023 will rise by 2.25 million bpd, or about 2.3 percent, after growth of 2.55 million bpd in 2022.
“Although global economic uncertainties are high and growth risks in key economies remain tilted to the downside, upside factors that may counterbalance current and upcoming challenges have emerged as well,” OPEC said in the report.
