Saudi Arabia’s oil exports volume in August will be the same as July level, as the extra production will be used in domestic consumption to fulfill demand in power and industry. The kingdom is known to burn more oil at an estimate of 550,000 barrels/day during the hot summer for generating power. The demand for oil burning this year is expectedly rise than last year due to movement restrictions in curbing the pandemic forcing people to stay home.
OPEC+ have been imposed a output trimming since May by a record cuts of 9.7 million barrel/day. Under this agreement, output cuts in August will decrease to 7.7 million barrel/day until December. OPEC+ key ministerial meeting in the Joint Ministerial Monitoring Committee (JMMC) are meeting this week to do market review and compliance audits of its members.
