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Wednesday, May 8, 2024 8:48 GMT
Saudi Arabia shipped less crude in 2021 from a year ago, even as the Kingdom is allowed to produce more oil under its agreemnt with OPEC+ countries. Saudi crude oil exports averaged 6.22 million barrels per day, which is 6.6 % less than in 2020, data posted by the Joint Organizations Data Initiative, also known as JODI, has revealed. Saudi crude exports also fell 5.3 % and 4.6 % in 2020 and 2019, respectively. During the last month of 2021, the Kingdom exported 6.94 million barrels per day of oil — down 0.2 % from November 2021 — but 6.8 % more than in December 2020. Crude oil output also fell in 2021 as it averaged 9.12 million bpd compared to 9.22 in 2020, a decline of 1.1 % compared to a 6-% annual fall in 2020. The December 2021 output, however, grew to 10.02 million bpd, up 1.1 % from November. Output has grown for the eighth month in a row. It also grew 11.6 % from December 2020. Looking at half-yearly numbers, in the second half of 2021 daily crude exports averaged 6.67 million bpd, or 8.8 % more than in the same period of 2020. Compared to the first half of 2021 the rate of growth was even faster — 15.5 %. As for crude output, it averaged 9.74 million bpd in the second half of 2021, which is 9.4 % and 14.5 % more than in the second half of 2020 and the first half of 2021, respectively.