Saudi Arabia’s crude oil exports hit their highest in 20 months in September, while the Kingdom’s production in early November appears to have hit the highest on record, on the back of high customer requests made in early October when the market feared a hefty loss of Iranian supply this month. According to data by the Joint Organisations Data Initiative (JODI) database, which collects self-reported oil figures from 114 countries, Saudi Arabia’s crude oil exports in September rose by 219,000 bpd from August to a 20-month high of 7.43 million bpd. This was the highest export level since the OPEC/non-OPEC production cut deal began in January 2017. Saudi oil production stood at 10.5 million bpd in September, and Saudi Arabia also drew 93,000 bpd from its crude inventories to supply the market, run its refineries, and feed power generation plants. The JODI data has a two-month lag, but more […]