Saudi Arabia’s Crude Oil Inventory At Record High In August

Saudi Arabia’s Crude Oil Inventory At Record High In August

$OIL

Saudi Arabia’s Crude Oil inventories rose to a record level in August as production and exports by the world’s biggest Oil exporter declined.

Commercial Crude stockpiles increased to 326.6-M bbl, the highest since at Y 2002, up from 320.2-M bbl in July, according to data posted on the website of the Riyadh-based Joint Organisations Data Initiative Sunday.

Exports fell 3.8% in August to 7-M BPD from 7.28-M BPD the prior month. Saudi Arabia’s international shipments dropped each month since March except for June, the data show.

Brent Crude Oil prices are off 12% this year as Saudi Arabia led the Organization of Petroleum Exporting Countries (OPEC) in boosting production to defend the group’s market share in a global supply glut.

Brent Crude Oil futures for Dec delivery closed Friday at 50.46 bbl on ICE in London, + 73 pennies.

Saudi Arabia cut back its production in August to 10.27-M BPD from 10.36-B BPD in July, according to the JODI data. The Kingdom told OPEC that it produced 10.23-M BPD in September. It pumped at an all-time high of 10.56-M BPD in June, exceeding a previous record from Y 1980.

Have a terrific week.

HeffX-LTN

Paul Ebeling

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