Saudi Arabia’s crude production lower in August – JODI

SINGAPORE (ICIS)–Saudi Arabia’s crude production fell in August, down by 59,000 bbl/day on the previous month to 9.951m bbl/day, according to data from statistical body the Joint Organisations Data Initiative (JODI) released late on Wednesday

However, JODI data also revealed that Saudi crude exports rose by just 15,000 bbl/day in August compared to the previous month to 6.708m bbl/day.

Refinery output of oil products was also higher along with oil product exports and imports.

However, domestic refinery crude intake was lower than the previous month as was domestic oil product demand.

Under the extended OPEC production cut agreement, which became effective from 1 January 2017, Saudi Arabia was expected to cut production by 486,000 bbl/day from a reference production level of 10.54m bbl/day.

Saudi Arabia	August 2017	Change on Jul
	m bbl/day	m bbl/day
Crude Production	9.951	-0.059
Crude Exports	6.708	+0.015
Refinery Intake	2.620	-0.067
Direct Use	0.659	+0.002
Refinery output of oil products	3.043	+0.133
Total product exports	1.448	+0.007
Demand oil products	2.667	-0.135
Imports  of oil products	0.559	+0.012