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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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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)

US applications for unemployment benefits fell to their lowest level in nearly a year last week, pointing to a still healthy labor market with historically low layoffs.

The Labor Department on Wednesday said that applications for jobless benefits fell to 201,000 for the week ending January 4, down from the previous week's 211,000. This week's figure is the lowest since February of last year.

The four-week average of claims, which evens out the week-to-week ups and downs, fell by 10,250 to 213,000.

The overall numbers receiving unemployment benefits for the week of December 28 rose to 1.87 million, an increase of 33,000 from the previous week, according to The AP.

The US job market has cooled from the red-hot stretch of 2021-2023 when the economy was rebounding from COVID-19 lockdowns.

Through November, employers added an average of 180,000 jobs a month in 2024, down from 251,000 in 2023, 377,000 in 2022 and a record 604,000 in 2021. Still, even the diminished job creation is solid and a sign of resilience in the face of high interest rates.

When the Labor Department releases hiring numbers for December on Friday, they’re expected to show that employers added 160,000 jobs last month.

On Tuesday, the government reported that US job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has loosened. Openings rose to 8.1 million in November, the most since February and up from 7.8 million in October,

The weekly jobless claims numbers are a proxy for layoffs, and those have remained below pre-pandemic levels. The unemployment rate is at a modest 4.2%, though that is up from a half century low 3.4% reached in 2023.

To fight inflation that hit four-decade highs two and a half years ago, the Federal Reserve raised its benchmark interest rates 11 times in 2022 and 2023. Inflation came down — from 9.1% in mid-2022 to 2.7% in November, allowing the Fed to start cutting rates. But progress on inflation has stalled in recent months, and year-over-year consumer price increases are stuck above the Fed’s 2% target.

In December, the Fed cut its benchmark interest rate for the third time in 2024, but the central bank’s policymakers signaled that they’re likely to be more cautious about future rate cuts. They projected just two in 2025, down from the four they had envisioned in September.