OIL: Saudi Arabian Crude Exports Fell to Five-Month Low in April: JODI

Saudi Arabian crude oil exports fell to 7.32mbpd in April, the lowest level in five months, data from the Joint Organizations Data Initiative (JODI) showed.

• Saudi Arabian crude oil exports fell by 207mbpd in April month on month. The country’s crude oil output was flat on the month at 10.46mbpd in April, while inventories rose by 1.98mn barrels to 149.4mn barrels.
• Domestic refineries processed 42kbpd less crude at 2.69mbpd, even as exports of refined products rose by 75kbpd to 1.547mbpd.
• At the last OPEC+ meeting on 4 June, the producer announced to additional cut output by 1mbpd for July, with a possibility to extend the cut by up to six months.