Saudi Arabia crude exports fall, refined products rose
DUBAI (Reuters) -- Saudi Arabia's crude oil exports fell in October by 176,000 bpd 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 MMbpd in October, down from 7.812 MMbpd in September, according to data from the Joint Organizations Data Initiative (JODI).
The kingdom pumped 10.625 MMbpd in October, down from 10.650 MMbpd 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 MMbpd of crude in October, up from 2.426 million in September. Exports of refined oil products in October rose to 1.443 MMbpd 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 MMbpd 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 conditioning.
JODI compiles data supplied from oil-producing members of global organizations including the International Energy Agency and the Organization of the Petroleum Exporting Countries.
Reporting by Rania El Gamal; Editing by Susan Fenton
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