Saudi Arabia’s crude stockpiles dropped to their lowest on record in December as the OPEC kingpin continued to push out more exports with direct use falling even more, according to data from the Joint Organisations Data Initiative. Stocks ended the month at 140 million barrels, down from 143.4 million at the end of November and .
Rising Saudi crude exports leaves domestic stocks at 17-year low
Saudi Arabia’s crude exports rose to a seven-month high in November and, with production capped by the OPEC+ agreement, domestic stockpiles ended the month at a 17-year low, according to data from the Joint Organisations Data Initiative.
Shipments from the OPEC kingpin ticked up to 6.35 million b/d from 6.16 million b/d in October, the data released Jan. 20 showed. With production holding at 8.97 million b/d just below its OPEC+ quota Saudi Arabia’s domestic crude stockpiles fell by 1.2 million barrels in November to 143.43 million barrels, the lowest since November 2003.