Saudi oil exports reach 7 million barrels in October

Saudi exports of crude oil rose 5.8% in October to 7.06 million barrels per day, from 6.67 million barrels per day in September, according to a report from the Saudi News Channel of Al-Arabyia.

The report noted that the country’s total crude production increased from 1.17 million barrels per day (bpd) to 10.30 million bpd in October.

The figures released by Joint Organizations Data Initiative (JODI) showed that crude oil stocks rose to 168.08 million barrels, while the quantities processed by Saudi refineries decreased 387,000 barrels per day to the lowest level in 34 months at 2.20 million barrels per day, according to what was reported in Reuters .

Saudi Energy Minister Prince Abdulaziz bin Salman has said that the Saudi’s oil production will recover in October and November to higher levels than before the attacks on two Saudi facilities in September.

Earlier this month, oil producers led by Saudi Arabia and Russia agreed to cut production by an additional 500,000 bpd in the first quarter of 2020.

Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) submit monthly export figures to (JODI) that it publishes on its website.

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