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Saudi Crude Oil Production Increases by 1.21% in November Reaching 8.92 Million BPD

Prime Highlights:

Saudi Arabia’s crude oil output reached 8.92 million barrels per day (bpd) in November 2024, marking a 1.21% annual increase.

Saudi crude exports dropped by 2.05% to 6.21 million bpd, though this is the highest export level in eight months.

Exports of refined products surged by 36% year on year, totaling 1.14 million bpd, with notable increases in diesel (up 27%) and motor/aviation gasoline (up 63%).

Key Background:

Saudi Arabia’s crude oil production reached 8.92 million barrels per day (bpd) in November 2024, reflecting a 1.21 percent year-on-year increase, according to the latest data from the Joint Organizations Data Initiative (JODI). This uptick in output is indicative of the Kingdom’s robust energy sector amid global shifts.

Despite the increase in production, Saudi crude exports dropped by 2.05 percent to 6.21 million bpd, although this marked the highest export level in eight months. Conversely, refined product exports surged, with a 36 percent annual increase, reaching 1.14 million bpd. However, compared to October, refined product exports fell by 18.65 percent.

Diesel, motor gasoline, aviation gasoline, and fuel oil were the key refined products, with diesel making up 38 percent of shipments, followed by motor and aviation gasoline at 24 percent, and fuel oil at 11 percent. Notably, motor and aviation gasoline exports grew by 63 percent year on year to 272,000 bpd, while diesel exports increased by 27 percent, reaching 439,000 bpd.

Domestic refinery demand also saw a rise, with an increase of 210,000 bpd year on year, reaching 2.56 million bpd in November. Saudi Arabia’s refinery output for the month reached 2.35 million bpd, a 13 percent annual increase, with diesel accounting for 40 percent of total refined products.

Saudi Arabia’s direct crude oil burn decreased by 119,000 bpd to 382,000 bpd, a 24 percent drop from the previous year. This decline is largely attributed to the global shift towards cleaner energy sources, such as natural gas and renewables, reducing the reliance on crude oil for power generation and shipping. The Kingdom’s Vision 2030 initiative aims to phase out crude oil, fuel oil, and diesel use in power generation by 2030, emphasizing the importance of natural gas and renewable energy sources, furthering investments in the energy sector.