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Saudi Arabia’s crude oil exports fell in December by 60,000 barrels per day (bpd) from the seven-month high in November, the latest data from the Joint Organizations Data Initiative (JODI) showed on Tuesday.
In November, Saudi crude oil exports jumped by 281,000 bpd to 6.21 million bpd—a seven-month high, according to the JODI database which compiles self-reported figures from individual countries. This followed a 174,000 bpd jump in October crude oil exports compared to September.
But in the last month of 2024, the world’s top crude exporter saw its shipments drop by about 60,000 bpd to 6.15 million bpd, per the JODI data.
Saudi crude oil production also fell slightly, by some 20,000 bpd from November, to 8.905 million bpd.
That’s perfectly in line with the Saudi pledge in the OPEC+ agreement to keep its production capped at about 9 million bpd.
Saudi Arabia is not only shouldering the largest volume of the OPEC+-wide cuts as a top producer, but it is also cutting production by another 1 million bpd in a unilateral move.
While Saudi exports decreased slightly in December 2024, refinery throughput increased by 189,000 bpd to 2.543 million bpd, and direct burning of crude fell by 103,000 bpd to 279,000 bpd.
In early December, Saudi Arabia and its partners in the OPEC+ group decided to delay the start of the easing of the 2.2 million bpd cuts to April 2025, from January 2025.
Earlier this week, reports emerged that there have been discussions in OPEC+ about a potential delay to the easing of the cuts beyond April.
The alliance is considering pushing back the start of the easing of the cuts despite calls from U.S. President Donald Trump that OPEC needs to lower oil prices, Bloomberg reported on Monday, quoting OPEC+ delegates.
However, Russian Deputy Prime Minister Alexander Novak said yesterday that OPEC+ has not discussed delaying the increase in its oil supply currently planned to begin in April.
