In July, Saudi Arabia saw its highest crude oil stocks draw in eight months at 5.51 million barrels, after the Kingdom unexpectedly reduced its production compared to June while it kept exports stable, S&P Global Platts reported on Tuesday, citing data by the Joint Organizations Data Initiative (JODI). The Saudi crude oil inventories have been dropping for three years, and have declined by 11.4 percent since May 2017, according to JODI data, as carried by Platts. In July, Saudi Arabia’s crude inventories stood at 229.41 million barrels. According to data by the JODI database , which collects self-reported oil figures from 114 countries, Saudi Arabia’s crude oil exports in July dropped by 126,000 bpd month on month, to 7.12 million bpd. Saudi oil production was 10.29 million bpd in July, as self-reported by Saudi Arabia to both JODI and OPEC. Refinery runs were 2.77 million bpd, a slight drop […]