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

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. (Reuters)
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Saudi Crude Oil Exports Rise to Two-Year Peak in April

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. (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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Trump Bails 'Big Progress' in Japan Tariff Talks

Japanese Prime Minister Shigeru Ishiba reacts as he speaks to reporters after a Japanese negotiator held ministerial talks at the White House regarding US tariffs, at the prime minister’s official residence in Tokyo, Japan, 17 April 2025. FRANCK ROBICHON/Pool via REUTERS
Japanese Prime Minister Shigeru Ishiba reacts as he speaks to reporters after a Japanese negotiator held ministerial talks at the White House regarding US tariffs, at the prime minister’s official residence in Tokyo, Japan, 17 April 2025. FRANCK ROBICHON/Pool via REUTERS
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Trump Bails 'Big Progress' in Japan Tariff Talks

Japanese Prime Minister Shigeru Ishiba reacts as he speaks to reporters after a Japanese negotiator held ministerial talks at the White House regarding US tariffs, at the prime minister’s official residence in Tokyo, Japan, 17 April 2025. FRANCK ROBICHON/Pool via REUTERS
Japanese Prime Minister Shigeru Ishiba reacts as he speaks to reporters after a Japanese negotiator held ministerial talks at the White House regarding US tariffs, at the prime minister’s official residence in Tokyo, Japan, 17 April 2025. FRANCK ROBICHON/Pool via REUTERS

President Donald Trump touted "big progress" in tariff talks with Japan on Wednesday, in one of the first rounds of face-to-face negotiations since his barrage of duties on global imports roiled markets and stoked recession fears.

Japan had not expected the president to get involved in Wednesday's talks, viewing them as a preliminary, fact-finding mission, a sign that Trump wants to keep tight control over negotiations with dozens of countries expected over coming days and weeks, Reuters said.

Tokyo had also been hoping to limit the scope of the talks to trade and investment matters. But announcing his involvement early Wednesday, Trump said thorny issues including the amount Japan pays towards hosting US troops were among discussion topics.

"A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress!" Trump said in a social media message that contained no details of the discussions.

Opposite Trump was Ryosei Akazawa, a close confidant of Japanese Prime Minister Shigeru Ishiba who serves in the relatively junior cabinet position of economic revitalization minister.

Speaking to reporters after the talks, Akazawa gave few details but said the parties had agreed to hold a second meeting later this month and that Trump had said getting a deal with Japan was a "top priority".

Exchange rates, which the Trump administration has said Japan and others manipulate to get a trade advantage, were not part of the talks, Akazawa added.

The dollar strengthened against the yen after his remarks on forex, up around 0.5% on the day. Tokyo denies it manipulates its yen currency lower to get make its exports cheaper.

Akazawa held a 50-minute meeting with Trump at the White House before another session with his Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer that stretched to almost an hour and a half, according to Japanese readouts of the talks.

Japan's prime minister, who has previously said he won't rush to reach a deal and does not plan to make big concessions, sounded a more cautious tone speaking to reporters later in Tokyo.

"Of course, the negotiations will not be easy going forward, but President Trump has stated that he wants to give top priority to the talks with Japan," Ishiba said.

Italian Prime Minister Giorgia Meloni heads to the White House on Thursday to discuss tariffs imposed on the European Union with Trump, while Bessent has invited South Korea's finance minister to Washington for talks next week.

FIRST MOVER ADVANTAGE

Trump has long complained about the US trade deficit with Japan and other countries, saying US businesses have been "ripped off" by trade practices and intentional efforts by other countries to maintain weak currencies.

Japan has been hit with 24% levies on its exports to the United States although these rates have, like most of Trump's tariffs, been paused for 90 days. But a 10% universal rate remains in place as does a 25% duty for cars, a mainstay of Japan's export-reliant economy.

Bessent has said there is a "first mover advantage" given Washington has said more than 75 countries have requested talks since Trump announced sweeping duties on dozens of countries - both friend and foe - earlier this month.

Akazawa declined to comment on the matter, adding only that he strongly requested a revocation of the tariffs and that he believed Washington wanted to secure a deal in the 90-day window.

Washington is hoping to strike deals with countries that would cover tariffs, non-tariff barriers and exchange rates, Bessent has said, though Tokyo had lobbied to keep the latter separate.

Trump earlier this month lambasted Japan for what he said was a 700% tariff on rice, a figure Tokyo disputes. Levies on autos are particularly painful for Japan as they make up nearly a third of shipments to the US, its biggest export market.

Japan hopes that pledges to expand investment in the United States will help to convince the US that the allies can achieve a "win-win" situation without tariffs.

Possible Japanese investment in a multi-billion dollar gas project in Alaska could also feature in tariff negotiations, Bessent said before Wednesday's talks.

"It sounds like the Trump administration really does want a quick deal, which suggests it will be a less substantive deal," said Tobias Harris of Japan Foresight, a political risk advisory.

"My baseline is that if the US really starts making demands on agriculture and maybe also on some of the auto regulations, it becomes a lot more contentious and hard to do quickly."