On Thursday, the Joint Organizations Data Initiative (JODI) data showed that in April, Saudi Arabia’s crude oil exports climbed significantly month-on-months in the midst of the price war with Russia.
Saudi’s April crude exports soared by 2.8 million bpd to 10.237 million bpd from 7.391 million bpd in March, while output jumped by 2.274 million bpd to 12 million bpd. Crude inventories sank by 12.747 million barrels to 143.5 million barrels.
The domestic refinery crude throughput inched down by 128,000 bpd in April to 1.84 million bpd. Direct crude burn climbed by 76,000 bpd to 355,000 bpd.
According to a Reuters survey published in April, the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) produced 30.25 million bpd on average, up by 1.6 million bpd month-on-month.
