SunSirs: Saudi Arabia's Crude Oil Exports Reach Two-and-a-Half-Year High

On Thursday, December 18th, data released by the Joint Organisations Data Initiative (JODI) showed that Saudi Arabia's crude oil exports in October reached their highest level in two and a half years. Saudi Arabia's crude oil exports increased to 7.1 million barrels per day in October, up from 6.46 million barrels per day in September, marking the highest level since April 2023.

Saudi Arabia's crude oil exports increased to 7.1 million barrels per day in October, a significant 10% increase compared to 6.46 million barrels per day in September, reaching the highest level since April 2023. This significant increase in supply could lead to an oversupply in the global crude oil market, putting downward pressure on spot prices, as the rise in exports reflects production expansion and may suppress short-term price movements.