The data from the Joint Organizations Data Initiative showed on Wednesday that after September 2021, the crude oil exports of Saudi Arabia fell for a third straight month in June to their lowest, with the Asian buyers favoring cheaper Russian oil.
The crude oil exports of the kingdom totaled around 6.8 million barrels per day in June, down approximately 1.8 percent from 6.93 million barrels per day in May.
However, monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries to the JODI, which is published on its website.
Moreover, Saudi crude output in June was slightly changed from the previous month at 9.96 million bpd, whereas inventories increased by 1.45 million barrels to 149.69 million.
However, domestic refineries processed 28,000bpd less crude in June than in May, around 2.56 million bpd, while direct crude burn increased by 65,000 bpd to 543,000bpd.
Besides, the oil products exports of the country decreased to 26,000 bpd from the previous month to 1.35 million bpd in June.
Tanker data from trade sources showed last month that the Indian imports of Russian oil edge to a record high in June.
Moreover, government data showed that China’s crude oil imports from Russia increased to a record high in June, with refiners continuing to snap up Russian ESPO even as deals against international benchmarks tightened.
This month Saudi Arabia said it would extend a voluntary oil output cut of 1 million bpd for a third month and will include September, adding that the reduction might be prolonged beyond that or might be deepened.
However, after declaring the extended production cut, the kingdom increased prices for September, pertaining most of its crude to Asia.