30-08-2019 14:13
Saudi Arabia cuts crude oil exports while US offsets slack in supplies
According to the Joint Organization Data Initiative (JODI), Saudi Arabia reduced exports of crude oil in early summer by 3.2% to 6.721 million barrels per day. In annual terms the volume of supplies plunged by 7.2%, analysts said.
In June 2019, Saudi Arabia ramped up oil output by 1.2% to 9.782 million barrels per day. In May this year, the production volume stood at 9.670 million barrels per day according to JODI. On an annual basis, it shank by 6.7%.
In other countries the volume of oil supplies also changed. Thus, Iraq scaled down the exports of crude oil by 3.2% in June from May. At the same time, the output increased by 0.1% to 4.601 million barrels per day in monthly terms according to experts’ estimates.
The output of crude oil in Nigeria increased to 2.081 million barrels per day in early summer while in May crude oil was extracted at a rate of 1.926 million barrels per day. Meanwhile, JODI experts noted that the country exported by 2.052 million barrels per day more in the reporting period. In June last year, the production volume was 1.783 million barrels per day while the supplies amounted to 1.771 million barrels per day.
In June 2019, the United States ramped up oil production to 12.614 million barrels per day versus 12.163 million barrels per day in May. According to the JODI preliminary estimates, this figure grew by 18.2% in a year. The country exported 3.415 million barrels per day in the reporting period while in May the supplies volume was 2.9 million barrels per day.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Published 30 August 2019
© InstaFintech Group
© InstaFintech Group
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