Saudi Arabia’s crude oil exports rose to a 30-month high in October, while production fell, the International Energy Forum (IEF) said on Monday, citing data from the Joint Organizations Data Initiative (JODI).

The kingdom’s crude exports in October rose 52,000 barrels per day (kb/d) to 7.77 million barrels per day (mb/d) a 30-month high, while production fell by 84,000 to 10.646 million bpd in May.

Global crude production declined by 228 kb/d in October, led by losses in Russia, Saudi Arabia and the US, IEF said.

Meanwhile, global oil demand rose in October by 75,000 b/d and was 1.7 mb/d higher than a year ago, according to the data. Demand growth was driven primarily by gains in China, the US and India.

While markets tightened compared to September, global inventories of crude and refined products climbed counter seasonally by 37.9 mb. Global inventories remain 406 mb below the five-year average.

Global demand was at 99% of pre-COVID levels in October, while crude production was at 96% of pre-pandemic levels.

The data showed that Russian oil production fell by 107 kb/d to 9.88 mb/d and is down 378 kb/d from the levels prior to its invasion of Ukraine.
Source: Reuters (Writing by Brinda Darasha; editing by Cleofe Maceda)