Saudi Arabia’s Crude Exports Surge in May
In a recent report from the Joint Organizations Data Initiative, Saudi Arabia’s crude exports reached 6.12 million barrels per day in May, showing a significant increase of 2.51 percent compared to the previous month.
Crude Production and Refinery Output on the Rise
The data also revealed that the Kingdom’s crude production rose to 8.99 million barrels per day, marking a monthly increase of 0.08 percent. Additionally, refinery crude output hit a nearly six-year high, jumping by 17 percent from the previous month to 3.026 million bpd.
Global Energy Demands Met by Saudi Arabia
As one of the world’s leading oil producers, Saudi Arabia plays a crucial role in meeting global energy demands by supplying refined products. Despite a 13 percent decline in exports for refinery oil products, the Kingdom’s demand for petroleum products rose to 2.355 million bpd.
OPEC+ Extension and Output Cuts
OPEC and its allies, known as OPEC+, have agreed to extend substantial oil output cuts into 2024, with plans to phase them out gradually in 2025. This decision aims to support the market amidst sluggish global demand growth and increasing US production.
Focus on Renewable Energy
The Ministry of Energy in Saudi Arabia aims to enhance the contributions of natural gas and renewable sources to achieve an optimal and cost-effective energy mix. The goal is for renewables to constitute approximately 50 percent of the electricity production energy mix by 2030, replacing liquid fuels.