Saudi Arabia’s exports of crude oil and petroleum products fell 41.2 per cent in May month on month, the Joint Organisations Data Initiative (JODI) revealed yesterday.
According to JODI, Saudi Arabia exported 6.020 million barrels per day (bpd) in May 2020, compared to 10.237 million bpd in April.
The drop in oil exports comes as the kingdom reduced its production in compliance with the OPEC+ agreement. Since May, OPEC+ countries, led by Russia and Saudi Arabia, have been cutting output by 9.7 million bpd, after the coronavirus reduced global demand for crude by a third.
Saudi oil production fell by 29.3 per cent in May to 8.486 million bpd down from 12.007 million bpd recorded in April.
Saudi Arabia, which produces nearly 9.8 million bpd, is the world’s largest oil exporter.