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Saudi Crude Exports Rise to 6.118 Million bpd in May

Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)
Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)
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Saudi Crude Exports Rise to 6.118 Million bpd in May

Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)
Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)

Saudi Arabia’s crude oil exports in May rose to 6.118 million barrels per day from 5.968 million bpd in April, official data showed on Wednesday.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.

In the markets, oil prices rose on Wednesday, a day after Brent crude fell to its lowest level in a month, as the decline in US inventories helped offset the impact of indications of a slowdown in demand from China.

Brent crude futures increased 22 cents, or 0.26 percent, to $83.95 per barrel by 12:02 GMT. US West Texas Intermediate crude futures rose 36 cents, or 0.45 percent, to $81.12 per barrel.

Both benchmarks fell in the previous three sessions, with Brent crude futures recording $83.30 on Tuesday, the lowest level since June 17.

Market sources, citing data from the American Petroleum Institute, said that US crude oil inventories fell by 4.4 million barrels in the week ending July 12.

Analysts polled by Reuters estimated crude stocks would fall by 33,000 barrels. The sources said that gasoline stocks increased by 365,000 barrels, and distillate stocks increased by 4.923 million barrels.

At the same time, rising geopolitical risks are supporting oil prices. A Liberia-flagged oil tanker was assessing damage and investigating a potential oil spill after it was attacked by the Houthis in the Red Sea, the Red Sea and Gulf of Aden Joint Maritime Information Center (JMIC) said on Tuesday.

Meanwhile, official data this week showed that the Chinese economy grew 4.7 percent in the second quarter, the slowest pace since the first quarter of 2023, capping crude price gains.

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Poland Looks Forward to Long-term Relations with Saudi Arabia in IT, Food Security

Robert Rostek, Polish Ambassador to Saudi Arabia, during the inauguration ceremony of the direct air line between Riyadh and Warsaw. (Asharq Al-Awsat)
Robert Rostek, Polish Ambassador to Saudi Arabia, during the inauguration ceremony of the direct air line between Riyadh and Warsaw. (Asharq Al-Awsat)
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Poland Looks Forward to Long-term Relations with Saudi Arabia in IT, Food Security

Robert Rostek, Polish Ambassador to Saudi Arabia, during the inauguration ceremony of the direct air line between Riyadh and Warsaw. (Asharq Al-Awsat)
Robert Rostek, Polish Ambassador to Saudi Arabia, during the inauguration ceremony of the direct air line between Riyadh and Warsaw. (Asharq Al-Awsat)

A senior Polish diplomat revealed growing prospects for fruitful cooperation between his country and Saudi Arabia, especially in food security, while many companies operating in information technology and the food industry have expressed their interest in establishing local offices in the Kingdom.
In an interview with Asharq Al-Awsat, Robert Rostek, the Polish ambassador to Saudi Arabia, emphasized that the two countries’ leaderships are determined to develop bilateral economic, political and social relations.
He also said that the European 5-year Schengen visa that is provided for Saudi nationals will increase tourism and trade between the two sides.
The volume of bilateral trade reached $7.9 billion in 2023, which makes the Kingdom the largest economic partner of Poland at the level of Arab countries, the ambassador stated.
“In 2025, we will celebrate the 30th anniversary of the establishment of diplomatic ties between the two countries, although official contacts go back nearly 100 years... If it were not for our complex history, our diplomatic relations would have remained unhindered throughout these years”, he said.
According to Rostek, relations between Riyadh and Warsaw have developed at an unusual pace especially in the past year. He explained that senior Polish officials visited the Kingdom in 2023, including the Polish Prime Minister Mateusz Morawiecki and Minister of Finance Magdalena Rzeczkowska.
Similarly, some senior Saudi officials conducted visits to Poland, he remarked. Those include the Saudi Minister of Economy, Faisal Al-Ibrahim, in May, and the Minister Transport and Logistics, Saleh Al-Jasser, with the Chairman of the General Authority of Civil Aviation, Abdulaziz Al-Duwailej, in August, whose mission greatly contributed to the signing of the Polish-Saudi air transport agreement, which led to the establishment of a direct air line between Riyadh and Warsaw, just one month ago.
The Polish diplomat went on to say: “We have also worked together on the Ukrainian file, and supported diplomatic efforts, by participating in the Jeddah Summit in August 2023.”
Rostek told Asharq Al-Awsat that the year 2023 witnessed the entry of a number of Polish firms into the Saudi market. He pointed to the presence of Polish companies Comarch and Asseco, which specialize in IT solutions, in addition to other companies operating in the food, cosmetics and fashion industries.
He added that on June 4, 2024, direct flights were launched between Riyadh and Warsaw, operated by LOT Polish Airlines.
“We see a mutual understanding with Saudi Arabia, to develop our relationship economically, socially and politically,” he said, adding: “With the newly approved series of EU visas for Saudis, and the possibility of obtaining 5-year Schengen visas, in addition to Saudi e-visas, travel between the Kingdom and Europe has become easier than ever before.”