Saudi Arabia’s adherence to deep Opec+ production cuts since May forced the kingdom to slash crude oil exports. Trade flows from data intelligence firm Kpler show that exports averaged a ten-year quarterly low of just 5.81mn b/d for Q3, down 1mn b/d year-on-year. Exports fell to a ten-year monthly low of 5.51mn b/d for July, although they rebounded strongly in September as cuts were eased and domestic consumption dropped.
Q3 exports were down more than 1.2mn b/d versus the previous quarter. The huge drop was driven by the Opec+ cuts, which pushed Saudi production down to just 8.76mn b/d for Q3. As with exports, this was the lowest level since 3Q 2010, exactly ten years prior. (CONTINUED - 964 WORDS)
