Global Economy News

The decrease in world oil exports following the drop in Saudi exports

Eviralnews, quoted by Bloomberg, the decrease in Saudi oil exports is responsible for half a million barrels per day of the decrease in global oil transportation in June compared to May.

Tanker tracking data showed that the 1.08 million barrels per day drop in global oil exports was the largest monthly drop in oil shipments since the beginning of this year.

As the world's largest exporter of crude oil, Saudi Arabia has been the leader of this decrease in exports, and the reason for this is the increase in domestic consumption to produce electricity in the peak season of summer. Electricity consumption in the desert country of Saudi Arabia increases during the hot summer months due to the increased use of air conditioning and cooling devices.

Therefore, during the hot season of the year in the Northern Hemisphere, Saudi Arabia reserves more oil for domestic consumption.

Saudi Arabia's offshore crude oil exports fell by 529,000 bpd in June to 5.66 million bpd, down from 6.35 million bpd in May. The oil exports of some other major producers such as Iran and Iraq, West Africa, the American Gulf Coast and the North Sea have also decreased.

Brazil and Qatar's sea exports of crude oil have increased. Russia's Ural oil exports have also increased, unlike other oil grades in this country.

Saudi oil exports reached a nine-month high in March, but the country's exports fell by 445,000 barrels per day in April to 6 million barrels per day.

At the same time, Saudi crude oil production increased by 13,000 barrels per day to 8.99 million barrels per day, indicating that the country burned more oil for domestic consumption.

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Mhd Narayan

Bringing over 8 years of expertise in digital marketing, I serve as a news editor dedicated to delivering compelling and informative content. As a seasoned content creator, my goal is to produce engaging news articles that resonate with diverse audiences.

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