Key facts
- August crude exports reached 4.451 million bpd, up from 4.125 million bpd in July.
- August oil production was 6.24 million bpd, down from 8.135 million bpd in July.
- Refinery throughput decreased to 2.297 million bpd in August.
- Direct crude burning increased to 604,097 bpd in August.
Saudi Arabia's crude exports surged approximately 7.9% in August from July, reaching 4.451 million barrels per day, the highest level since March, according to data from the Joint Organizations Data Initiative (JODI). Simultaneously, the kingdom's oil production dropped to a record low of 6.24 million bpd. Refinery crude throughput also saw a decline of 181,000 bpd to 2.297 million bpd, while direct crude burning increased by 43,000 bpd to 604,097 bpd.
Despite regional tensions, Saudi Arabia managed to boost its crude export volumes by utilizing terminals on both its Red Sea and Gulf coasts, according to UBS analyst Giovanni Staunovo. Provisional data from Kpler indicated that Gulf oil exporters exceeded pre-war crude export levels on 14 days in September. Saudi crude and condensate loadings averaged 9.1 million bpd in the week beginning September 21, a post-COVID high, Kpler reported.
In related security news, the Saudi-led coalition announced on Wednesday the interception of four drones targeting the Medina and Eastern regions. The Houthis, however, denied launching any drones toward Medina or conducting military operations against Saudi Arabia. Government agencies in Riyadh have advised employees to work from home, and the Future Investment Initiative conference, originally scheduled for October 26-29, has been postponed to 2027.