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Saudi oil inventories hit lowest level in a decade

Saudi oil inventories hit lowest level in a decade
The GCC nation’s crude exports slid to a three-month low since last September

Riyadh – Mubasher: Saudi Arabia’s crude oil exports dropped in December 2018 to their lowest level since September that year.

The kingdom’s crude oil exports declined by over half a million barrels per day (bpd) or by nearly 545,000 bpd to 7.69 million bpd in December, compared to 8.235 million bpd in the prior month, according to data released on Monday by the Joint Organisations Data Initiative (JODI).

The GCC nation’s crude exports slid to a three-month low since September when they had tumbled to 7.43 million bpd. 

It is noteworthy that Saudi Arabia’s crude oil exports hit their highest level in November.

The kingdom’s crude and oil product exports fell to 9.8 million bpd in December, following an all-time high at 10.29 million bpd in the previous month.

In terms of crude inventories, Saudi Arabia’s inventories plunged by 2.84 million bpd month-on-month to 205.38 million bpd in December, registering their lowest level in a decade.

The kingdom’s crude oil exports leapt by 534,000 bpd in November, compared to October, hitting a 24-month high.