Saudi oil exports expected to drop 100,000 bpd in August, says Saudi OPEC Governor

Saudi Arabia expects a drop in its oil exports by around 100,000 barrels per day (bpd) in August, while ensuring not to pump oil beyond its customers' needs, Reuters reported Thursday, citing Adeeb Al-Aama, the kingdom's OPEC governor.

In a statement, Al-Aama highlighted that the Saudi crude exports for July will equal its June levels.

Saudi Arabia's policy is to satisfy its customers' needs, while sticking to OPEC and non-OPEC supply deals, He added.

The statement reflected that although the global oil markets seemed balanced in the third quarter, there would still be substantial stock draws due high demand.

The value of Saudi Arabia’s oil exports rose 1 percent year-on-year (YoY) to SAR 6.98 million barrels per day (mbd) in May 2018 compared to 6.92 mbd.