Commodities

Saudi Arabia in June increased oil production by 1%, exports by 2.1% – JODI

Saudi Arabia in June increased oil production by 1% compared to the previous month, exports – by 2.1%, according to data on the website of the Joint Organization Data Initiative (JODI).
The volume of export deliveries amounted to 7.196 million barrels per day (b/d), compared with 7.050 million b/d in May. At the same time, it exceeded the figure of June 2021 by 20.6%.

Oil production in Saudi Arabia the month before last amounted to 10.646 million b/d against 10.538 million b/d in May, according to JODI data. In annual terms, the indicator jumped by 19.3%.

Iraq in June increased oil exports by 1.4% over the month – up to 3.768 million bpd. Production increased by 1% and reached 4.515 million bpd. Meanwhile, compared with June last year, the first indicator soared by 13.5%, and the second – by 16.9%.

Oil production in Venezuela fell to 727 thousand b/d from 735 thousand b/d in May. A year earlier, the figure was 633 thousand bpd. At the same time, foreign deliveries in June amounted to 399 thousand b/d against 271 thousand b/d in the previous month. Venezuela, after a long break, resumed fuel exports in early 2022.

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According to preliminary JODI estimates, the US increased oil production by 3.8% in June – up to 12.040 million b/d compared to 11.595 million b/d a month earlier. At the same time, the indicator increased by 6% over the year (from 11.356 million bpd).

The export of American oil, according to the calculations of the organization, the month before last amounted to 3.250 million b/d against 3.442 million b/d in May (a decrease of 5.6%) and 3.488 million b/d in June 2021 (a decrease of 6.8% ).

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