DUBAI Dec 19 Saudi Arabia's crude oil exports
fell in October by 176,000 barrels per day from the month
before, despite high production, but its refined products
shipments rose as the kingdom expands its refining power,
official data showed on Monday.
The world's top exporter shipped 7.636 million barrels per
day in October, down from 7.812 million bpd in September,
according to data from the Joint Organizations Data Initiative
The kingdom pumped 10.625 million bpd in October, down from
10.650 million bpd in September, the data showed.
Saudi Arabia has maintained high output levels since
mid-2014 aiming to defend market share against rival producers.
But in a U-turn on policy, Riyadh led OPEC and other rival
producers to reach their first deal since 2001 to curtail oil
output and ease a global glut. The deal, secured this month,
came after more than two years of low prices that overstretched
many budgets and spurred unrest in some countries.
Saudi Arabia's domestic crude inventories fell to 276.586
million barrels in October, from 278.688 million in September,
the JODI data showed.
Saudi Arabia's oil inventories peaked in October 2015 at a
record high 329.430 million barrels and have declined since as
the country has drawn down its oil stockpile to meet domestic
demand without impacting its exports.
Domestic refineries processed 2.564 million bpd of crude in
October, up from 2.426 million in September. Exports of refined
oil products in October rose to 1.443 million bpd compared with
1.349 million in September.
The kingdom has been feeding more crude to domestic
refineries as it expands oil product exports.
State oil firm Saudi Aramco has stakes in more than 5
million bpd of refining capacity at home and abroad, placing it
among the global leaders in making oil products.
In October, crude oil used to generate power was almost
steady at 492,000 bpd, from 490,000 bpd in September, the JODI
data showed, as cooling temperatures reduced demand for air
JODI compiles data supplied from oil-producing members of
global organisations including the International Energy Agency
and the Organization of the Petroleum Exporting Countries.
(Reporting by Rania El Gamal; Editing by Susan Fenton)