Saudi Arabia, the de-facto OPEC leader, reported its lowest crude oil exports in June, at slightly smaller than 5 million barrels a day. The move is the result of OPEC+ group’s decision to hold an unprecedented crude output in the market to cap the crash in demand and fall in prices, Saudi Arabia led the decision majorly.
The world’s pioneer oil producer’s crude exports slumped 17.3% in June as compared to May, recording at 4.98M barrels per day (BPD), according to JODI (Joint Organisation Data Initiative).
Saudi Arabia’s Oil export failed to form a pattern this year, diverging from the five-year range, with exports getting as high as 10.237 million BPD in April, with the Middle East nation standing on its promise to fill the market with oil as the OPEC+ deal collapsed, as compared to the current 4.98 million barrels a day production.
However, soon the news for a new deal came to cut the production, as the global oil demand plunged by 20 M barrels a day in April. In May, the major oil exporter cut 3.5 million barrels a day, which is 1 million additional oil output cut as compared to the planned 2.5 million BPD, with exports reaching to 6.02 million barrels per day.
The oil output and export plunged further with each passing month, cutting further 1.41 million barrels a day export in June, and signalling that Saudi is not in a rush to increase the crude exports despite the ease on cuts provided by OPEC+ on August 1.