Saudi Arabia’s crude exports increased to 6.3 million barrels per day in October, a rise of 543,000 bpd or 9.44 percent compared to the previous month, according to data released by the Joint Organizations Data Initiative on Monday.
The report indicated that the Kingdom’s crude production in October declined slightly by 35,000 bpd to 8.94 million bpd, a 0.39 percent decline from September.
In the end of November, Saudi Arabia announced the extension of its voluntary crude output cuts, amounting to 1 million bpd until the conclusion of the first quarter of 2024, in coordination with members of the Organization of the Petroleum Exporting Countries and its allies, a grouping known as OPEC+.
This decision, initially made in July, maintains the Kingdom’s crude production at around 9 million bpd until the end of March 2024. The voluntary cut supplements the 500,000 bpd announced in April 2023, extending until December 2024, aligning with OPEC+ efforts to stabilize and balance global oil markets.
The analysis of the speeches, interviews and statements of #OPEC Secretary General on climate change and environmental issues through text-mining techniques highlighted the importance of dialogue and technological innovation. pic.twitter.com/gkQMdCJTnx
— OPEC (@OPECSecretariat) September 20, 2019