Home/Commodities/FX/Newsfeed

Saudi Arabia’s Oil Exports Fell in August

Share Print 0

Saudi Arabia’s crude oil exports in August fell to 7.305 million barrels per day from 7.622 million bpd in July as the world’s largest oil exporter pumped less, the kingdom has told an influential data base.

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

After the kingdom pumped a record high 10.673 million bpd in July due to summer demand and requests from customers, its August output dropped to 10.630 million bpd.

Crude oil used to generate power rose 42,000 barrels per day in August to 739,000 barrels per day.

Saudi Arabia’s oil inventories peaked last October at a record high 329.430 million barrels but have declined to meet domestic demand without affecting exports.

via Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

,
Back to Top