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Saudi Arabia’s oil exports hit their highest in year and a half

Saudi oil exports

Saudi Arabia’s oil exports rose last October to their highest level in a year and a half.

According to data issued by the Joint Organisations Data Initiative (JODI), Saudi Arabia’s oil exports rose last October, for the sixth month in a row, to reach their highest levels since April 2020.

Saudi Arabia’s crude exports rose to 6.833 million barrels per day, last October, up from 6.516 million barrels per day last September.

Saudi oil exports

Total exports of the world’s largest oil exporter, including petroleum products, amounted to 8.26 million barrels per day.

Crude production rose by 118 thousand barrels per day to 9.780 million barrels per day last October, according to Reuters.

The Organization of the Petroleum Exporting Countries and its allies, what is known as the “OPEC +” group, agreed this month to stick to its current policy of pumping monthly increases in production, while continuing to reduce record production cuts imposed in 2020.

Crude consumption in Saudi domestic refineries rose to 2.611 million barrels per day last October, the highest level since January 2019.

Figures from the JODI showed that direct burning of crude decreased by 215,000 barrels per day to 328,000.

Saudi Arabia and other OPEC member countries submit monthly export data to the JODI, which they publish on their website.

General budget

Last Sunday, the Saudi Cabinet approved the state’s general budget for the fiscal year 2022, which expects revenues of 1,045 billion riyals, and a total expenditure of 955 billion riyals.

Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan announced that the Kingdom’s government seeks in 2022 and in the medium term to support the continuation of recovery in economic activity.

In his presentation of the 2022 budget, Al-Jadaan referred to reducing dependence on oil revenues in the 2022 budget.

He also stressed the commitment to achieving the goals of the Kingdom’s Vision 2030 by reducing dependence on oil revenues, diversifying the economy, developing non-oil revenues and ensuring their sustainability.

He referred to the progress made during the last period in implementing the vision realization programs and major projects, as well as investment projects in various sectors, including infrastructure projects.

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