Saudi Arabia crude exports fall in May

Exports in May fell to 6.924 million barrels per day from 7.006 million bpd in April

Saudi Arabia’s crude oil exports in May fell to 6.924 million barrels per day from 7.006 million bpd in April, official data showed on Tuesday.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries to the Joint Organizations Data Initiative (JODI), which published them on its website.

It pumped 9.880 million bpd in May, down from 9.9946 million bpd in April.

Riyadh is leading an effort by OPEC and other producers to curb output and drain a global supply glut. OPEC’s share of the cuts, that will run to March 2018, amount to about 1.2 million bpd. Non-OPEC producers agreed to cut half as much as that.

Saudi crude inventories fell by 5.124 million barrels to 258.803 million barrels in May, from 263.927 million barrels in April, the JODI data showed. Saudi oil stocks peaked in October 2015 at a record 329.430 million barrels.

Saudi’s local refineries processed 2.517 million bpd in May, down from 2.651 million bpd in April, according to JODI. Exports of refined oil products in May fell to 1.279 million bpd, from 1.455 million bpd the month before, the data showed.

Saudi Arabia used 604,000 bpd of crude oil to generate power in May, up 183,000 bpd from April, while Saudi demand for oil products rose by 74,000 bpd to 2.535 million bpd in May, compared to the month before.