In the latest data released by the Joint Organizations Data Initiative, Saudi Arabia experienced a decrease in crude-oil exports in December, following three months of gains.
Export Figures
The top oil exporter’s crude exports totaled 6.31 million barrels per day, showing a decline of 28,000 barrels compared to the previous month. However, crude oil production saw an increase of 126,000 barrels, reaching 8.94 million barrels per day in December.
Production Adjustments
Earlier in the year, the Saudi government directed state company Aramco to maintain daily production capacity at 12 million barrels per day, abandoning plans to raise it to 13 million barrels by 2027.
Refinery Operations
In December, domestic refineries recorded a rise in crude throughput, reaching a three-month peak at 2,415 million barrels per day. Additionally, direct crude burn decreased to a 22-month low of 303,000 barrels per day, as per JODI data.
Pricing Strategy
Saudi Arabia opted to keep the March price for its flagship Arab Light crude unchanged for Asian customers, maintaining a more than two-year low. This decision is viewed by industry observers as a strategic move to uphold market share.
