According to data released by the Joint Organizations Data Initiative (JODI), Saudi Arabia experienced a surge in crude exports, reaching a five-month high of 6.34 million barrels per day (bpd) in November. However, the country’s crude production decreased by 1.36 percent compared to October, reaching 8.82 million bpd. Despite the decline in production, the proportion of oil exports increased to 71.85 percent of the total output, marking the highest ratio observed in the previous eight months.
Read more: Saudi Arabia: OPEC+ oil production cuts can continue past March if needed
In November, Saudi Arabia announced that it would extend its voluntary crude output cuts of 1 million bpd until the end of the first quarter of 2024. This decision was made in coordination with certain members of the Organization of the Petroleum Exporting Countries (OPEC+) and its allies.
🇸🇦📉Saudi crude production fell by 122 kb/d in November while 📈exports rose by 39 kb/d to a 5-month high.#JODIOil #OOTT #SourceJODIhttps://t.co/TJRCYcQLBI pic.twitter.com/cqN44UGjmI
— JODI (@JODI_Data) January 22, 2024
The JODI data also revealed that the output from Saudi refineries, which includes processed and refined derivatives extracted from crude oil, experienced a 0.47 percent decline compared to the previous month, reaching 2.11 million bpd.
Key components of refined oil products
The key components of Saudi refined oil products include gas diesel, fuel oil, and motor and aviation oil. Fuel oil, which contributes 20 percent of the total refined oil output, saw a 6.77 percent increase. Motor and aviation oil, making up 24 percent, experienced a 4.67 percent rise. However, the overall decline in refined products was driven by gas diesel, which comprises the highest share at 45 percent and decreased by 0.42 percent.
In November, Saudi Arabia’s direct burn of crude oil, which refers to the utilization of oil without substantial refining processes, decreased by 30,000 bpd, representing a 6 percent decline compared to the previous month. The total direct burn for the month amounted to 501,000 bpd.
The Ministry of Energy in Saudi Arabia aims to enhance the contributions of natural gas and renewable sources in order to achieve an optimal, highly efficient, and cost-effective energy mix. The country plans to substitute liquid fuel with natural gas and incorporate renewables to constitute approximately 50 percent of the electricity production energy mix by 2030.
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