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Oil Prices Rise As Saudi Exports Hit 33-Month Low

By Tsvetana Paraskova – Aug 17, 2017, 12:00 PM CDT
Saudi Arabia’s crude oil exports in June dropped to their lowest level in 33 months, while Saudi oil inventories were down to a level last seen in early 2012, according to data by the Joint Organizations Data Initiative (JODI), suggesting that Saudi exports had likely further dropped in July and continue to fall in August.

Saudi crude oil exports fell in June by 35,000 bpd from May to hit a 33-month low at 6.89 million bpd, while crude oil stockpiles hit a 65-month low, or the lowest since January 2012, at 257 million barrels.

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