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Saudi Crude Oil Exports Hit 2-Year High

A drilling rig in the Hasba field, located 150 km north of Jubail Industrial City on the coast of the Arab Gulf (Saudi Aramco)
A drilling rig in the Hasba field, located 150 km north of Jubail Industrial City on the coast of the Arab Gulf (Saudi Aramco)
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Saudi Crude Oil Exports Hit 2-Year High

A drilling rig in the Hasba field, located 150 km north of Jubail Industrial City on the coast of the Arab Gulf (Saudi Aramco)
A drilling rig in the Hasba field, located 150 km north of Jubail Industrial City on the coast of the Arab Gulf (Saudi Aramco)

Saudi Arabia’s crude oil exports hit a more than two-year high of 7.6 million barrels per day in August, according to data from the Joint Organization Data Initiative.

The Kingdom saw a 3% rise from July, recording its highest volume since April 2020.

It was also the third month in a row to register a rise.

The data also showed that crude production in Saudi Arabia broke the 10.815 million bpd cap for the third time in the country’s history in August, reaching 11.051 million bpd.

Domestic crude refinery output increased by 38,000 bpd to reach 2.8 million bpd, whereas its direct crude burn increased by 3,000 bpd to reach 664,000 bpd in August.

Earlier this month, the Organization of Petroleum Exporting Countries and its allies, termed OPEC+, decided to cut their output target by 2 million bpd.

The decision by OPEC+ was met with US criticism. Many fear that the cut may impact gas prices in the US ahead of upcoming elections.

Despite US disapproval, the decision was met with support from Arab countries and OPEC members.

On Sunday evening, Saudi King Salman bin Abdulaziz stressed that the Kingdom's strategy in the global oil sector is based on supporting market “stability and balance.”

“Our country is working hard, within its energy strategy, to support the stability and balance of global oil markets, as oil is an important element in supporting the growth of the global economy,” King Salman told the Shura Council.

Iraq, Kuwait, Bahrain, Oman, and Algeria, joined by the UAE and Egypt, expressed their support for the decision amid the uncertainty and potential recession surrounding the global economy.

UAE Energy Minister Suhail Al-Mazroui tweeted: “The latest unanimously approved OPEC+ decision is a purely technical decision with no political intention whatsoever.”

His comments follow statements from Iraq’s state oil marketer SOMO.

“There is complete consensus among OPEC+ members that the optimal approach is … a pre-emptive approach that supports market stability and provides necessary guidance for the future,” a SOMO statement said.

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Türkiye Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
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Türkiye Denounces Opposition Calls for a Day of No Shopping 

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (AFP)

Türkiye’s government denounced opposition calls for a mass commercial boycott following the arrest of Istanbul Mayor Ekrem Imamoglu that sparked nationwide protests, describing them on Wednesday as an economic "sabotage attempt".

After the mayor was detained two weeks ago, the main opposition Republican People's Party (CHP) had called for a boycott of goods and services from companies with perceived ties to President Recep Tayyip Erdogan's government.

That call widened on Wednesday to include a halt to all shopping for one day, prompting some shops to close in solidarity with those criticizing the arrest as a politicized and anti-democratic attempt to hurt the opposition's electoral prospects.

Imamoglu is Erdogan's main political rival and the CHP's presidential candidate for any future election.

Trade Minister Omer Bolat said boycott calls posed a threat to economic stability and accused those advocating them of seeking to undermine the government.

They "are an attempt to sabotage the economy and include unfair trade and competition elements. We see this as a futile attempt by circles who consider themselves the masters of this country", Bolat said.

Vice President Cevdet Yilmaz said the calls threatened social harmony and economic stability, and were "doomed to fail".

Several cabinet ministers and pro-government celebrities, including former Germany and Real Madrid soccer midfielder Mesut Ozil, used the hashtag #BoykotDegilMilliZarar ("Not a Boycott, but National Damage") to emphasize their stance.

The calls have been led by CHP chairman Ozgur Ozel, who has encouraged the street protests that have swollen to the largest in Türkiye in more than a decade. Erdogan has called the protests "evil" and said they would not last.

Türkiye’s economy has been hit by a years-long cost of living crisis and series of currency crashes, with growth having slowed and inflation still lofty at 39% in February.

On Tuesday prosecutors launched an investigation into those advocating the boycott calls on social and traditional media.

The Istanbul chief prosecutor's office said it was probing calls that allegedly sought to prevent a segment of the public from engaging in economic activity, citing possible violations of laws against hate speech and inciting public hostility.