(MENAFN) According to data released by the Joint Organizations Data Initiative (JODI) on Monday, Saudi Arabia, the world's largest oil exporter, witnessed a surge in crude oil exports in October, reaching the highest level in four months. The figures revealed a 9.6 percent increase in crude exports, totaling 6.30 million barrels per day compared to the preceding month. In contrast, the country's crude oil production experienced a marginal decline of 0.4 percent, reaching 8.94 million barrels per day.
In November, OPEC+ oil producers reached an agreement to implement voluntary production cuts of approximately 2.2 million barrels per day in the early months of the following year. Additionally, Saudi Arabia extended its existing voluntary reduction measures as part of the collective effort to stabilize global oil markets.
The data further detailed a decrease in local refineries' crude production, which fell from 2.866 million barrels per day in September to 2.116 million barrels per day. Simultaneously, the direct burning of crude witnessed a decline from 606 thousand barrels per day to 531 thousand barrels per day.
As part of routine reporting, Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) submit monthly export figures to the JODI Initiative, which subsequently publishes the data on its website. Notably, Saudi Arabia had initiated a reduction in the price of its primary Arab Light crude oil for Asian customers in January, marking the first reduction in seven months.
The global oil market continued to experience upward momentum, with oil prices surging by more than three percent. This increase was attributed to heightened attacks by the Yemeni Houthi group, aligned with Iran, on ships in the Red Sea. These attacks have disrupted maritime trade and triggered concerns about potential disruptions to global supply chains.
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