Saudi oil imports down to 79M low - JODI

Saudi oil imports down to 79M low - JODI
Saudi crude imports registered 6.55 million barrel per day in September

Riyadh - Mubasher: The Joint Organisations Data Initiative (JODI) revealed that Saudi oil imports declined to 6.55 million barrel per day, compared to 6.71 million barrels per day in August.

Data showed that in September Saudi crude imports reached its lowest level in 79 months.

Saudi crude oil refinery intake rose 2.81 million barrels, recording its highest level since monitoring began in January 2017.

It is worth noting that the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other major non-OPEC producers agreed to cut output by around 1.8 million barrels per day from 1 January 2017 until March 2018.

A summit will be held in Vienna on 30 November, in which OPEC will decide on its output policy, with a number of officials previously stating that the pact is likely to be extended beyond March.

Compliance with the agreed production cuts reached 120% in September.