Saudi Arabia sharply cuts oil supplies to the US and China – EADaily, December 2, 2022 – Economy News, Greater Middle East News

The volume of oil exports from Saudi Arabia to the US and China fell sharply in November compared to the previous month. Bloomberg came to this conclusion after analyzing the tracking data of sea vessels.

Oil exports from Saudi Arabia to the United States decreased by 304 bpd compared to October, to 83,000 bpd. This is the lowest figure since 2017, when the agency began tracking oil shipping data. At the same time, Bloomberg notes that the November values ​​could rise, as ships carrying about 18 million barrels of Saudi oil, which were loaded last month, still have not reported their final destinations.

The volume of deliveries to China in November amounted to 1.6 million b/d, which is 300 thousand b/d less than last month. Bloomberg last recorded similar values ​​in 2020.

As the agency notes, oil exports observed in November are “exceptionally small,” especially considering that shipments from the kingdom to the United States reached 667,000 b/d in September, the highest figure in the past two years.

Saudi Arabia is the largest oil exporter in the world. On October 5, the member states of the OPEC+ agreement agreed at a face-to-face meeting in Vienna to reduce oil production by 2 million bpd from November, and also extended the deal until the end of 2023. It is assumed that Russia and Saudi Arabia will be able to reduce oil production by 526 thousand b/d each compared to the level of August, to 10.478 million b/d. The total level of oil production in the countries of the alliance will be 41.856 million bpd.

Be the first to read breaking news on Today’s latest news, and live news updates, read the most reliable English news website

Leave a Reply