Oil & Gas

Saudi Arabia's crude oil exports rose to their highest level in three months in May, reaching 6.191 million barrels per day (bpd), up slightly from 6.166 million bpd in April, according to data released by the Joint Organizations Data Initiative (Jodi). The increase underscores the kingdom’s role as the world’s largest oil exporter, even as global market conditions remain volatile. Alongside the rise in exports, Saudi Arabia also increased its crude production to 9.184 million bpd in May, compared to 9.005 million bpd in the previous month.

The data also revealed a modest uptick in domestic crude use. Saudi refineries processed 2.721 million bpd in May, up from 2.704 million bpd in April. Additionally, direct crude burning — often used to generate electricity during the hotter months — climbed by 112,000 bpd to 489,000 bpd. These figures indicate higher local demand for energy as summer temperatures drive electricity consumption.

At the broader Opec+ level, the group of oil-producing nations — which includes Saudi Arabia, other Opec members, and allies like Russia — recently agreed to raise output by 548,000 bpd in August. This decision follows earlier phased increases in May, June, and July, as the group continues to unwind previous production cuts. The agreement marks the first formal response since geopolitical tensions, including Israeli and U.S. strikes on Iran, led to a spike and subsequent decline in oil prices.

Looking ahead, Opec+ is expected to approve another production increase for September during its meeting on August 3, according to sources familiar with the matter. Despite the recent expansion in output, Saudi Arabia has maintained that it remains fully compliant with its voluntary Opec+ target. The kingdom’s energy ministry stated that its marketed crude supply in June stood at 9.352 million bpd, aligning with the production quota agreed upon with its Opec+ partners.