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Saudi Crude Oil Exports Rise to Two-Year Peak in April

Saudi Crude Oil Exports Rise to Two-Year Peak in April

Tuesday, 21 June, 2022 - 09:30
Saudi Arabia’s April crude exports rose to a two-year peak of 7.382 million barrels per day (bpd) in April from 7.235 million bpd in March. (Reuters)

Saudi Arabia’s April crude exports rose to a two-year peak of 7.382 million barrels per day (bpd) in April from 7.235 million bpd in March, data from the Joint Organizations Data Initiative (JODI) showed on Monday.


The Kingdom’s crude oil output also increased to 10.441 million barrels per day in April, up from 10.3 million bpd in March.


Saudi Arabia is on track to lift oil production capacity by more than one million bpd to over 13 million barrels bpd by the end of 2026 or early 2027, the energy minister said last month.


The country’s domestic crude refinery throughput fell 0.235 million bpd to 2.538 million bpd in April while direct crude burn rose 62,000 bpd to 397,000 bpd.


Oil product exports eased 0.015 million bpd to 1.473 million bpd in April, while demand for oil products rose 0.177 million bpd to 2.234 million bpd in April, the data showed.


The data also highlighted that global oil demand fell month-on-month in April to below pre-pandemic levels as consumption softened across several Asian countries.


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


Meanwhile, China's crude oil imports from Russia soared 55% from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine.


Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia's European and Far Eastern ports, totaled nearly 8.42 million tons, according to data from the Chinese General Administration of Customs.


That's equivalent to roughly 1.98 million bpd and up a quarter from 1.59 million bpd in April.


The data, which shows that Russia took back the top ranking of suppliers to the world's biggest crude oil importer after a gap of 19 months, indicates that Moscow is able to find buyers for its oil despite western sanctions, though it has had to slash prices.


While China’s overall crude oil demand has been dampened by COVID-19 curbs and a slowing economy, leading importers, including refining giant Sinopec, have stepped up buying cheaper Russian oil on top of sanctioned supplies from Iran and Venezuela.


Customs data released on Monday also showed China imported 260,000 tons of Iranian crude oil last month, its third shipment of Iran oil since last December.


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