Saudi Arabia's crude exports rise to four-month high in October
Business
Saudi Arabia's crude exports rise to four-month high in October
(Reuters) - Saudi Arabia's crude oil exports in October hit their highest level in four months, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
Crude exports from the world's largest oil exporter rose 9.6% rose to 6.30 million barrels per day (bpd) from September, while the country's crude oil production, decreased 0.4% to 8.94 million bpd.
In November, OPEC+ oil producers agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.
Domestic refineries' crude throughput fell to 2.116 million bpd from 2.866 million bpd in September and direct crude burn fell to 531,000 bpd from 606,000 bpd.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website.
Separately, Saudi Arabia lowered the price of its flagship Arab Light crude to Asian customers in January for the first time in seven months.
Oil extended gains to rise more than 3% as mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea disrupted maritime trade and raised concerns about supply chains.
