Saudi oil exports rose significantly in October, reaching their highest level in four months. Exports increased by 174,000 barrels per day (bpd) to 5.925 million bpd compared to September, showcasing the Kingdom’s resilience amid global market challenges.
Slight Decline in Saudi Oil Production
Despite the rise in exports, production saw a marginal dip to 8.972 million bpd from 8.975 million bpd in September. This aligns with OPEC+ policies aimed at stabilizing markets and controlling production levels.
Shifts in Domestic Consumption
Local refinery consumption increased by 19,000 bpd, reaching 2.737 million bpd. Conversely, direct crude burning dropped by 156,000 bpd to 362,000 bpd, reflecting evolving consumption patterns.
Transparency and Market Stability
Saudi Arabia remains committed to providing accurate data to the Joint Organizations Data Initiative (JODI), enhancing global energy market confidence. According to recent OPEC+ decisions, production increases are deferred until April 2025.
Economic Diversification Efforts
As a major contributor to global oil production (approximately 9.3%), Saudi Arabia continues to focus on reducing reliance on oil revenues and boosting non-oil income streams.