Saudi Arabia’s exports of crude oil and petroleum items fell 41.2 percent in May month on month, the Joint Organisations Data Initiative (JODI) exposed the other day.
According to JODI, Saudi Arabia exported 6.020 million barrels daily (bpd) in May 2020, compared to 10.237 million bpd in April.
The drop in oil exports comes as the kingdom lowered its production in compliance with the OPEC+ contract. Since May, OPEC+ nations, led by Russia and Saudi Arabia, have actually been cutting output by 9.7 million bpd, after the coronavirus lowered worldwide need for crude by a 3rd.
Saudi oil production fell by 29.3 percent in May to 8.486 million bpd below 12.007 million bpd taped in April.
Saudi Arabia, which produces almost 9.8 million bpd, is the world’s biggest oil exporter.
READ: OPEC+ to reduce oil cuts as worldwide economy ‘gradually recovers’ from COVID-19