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.
