In April, Saudi Arabia’s crude oil exports reached a five-month low, dropping to 7.316 million barrels per day (bpd) compared to 7. 523 million bpd in March. The country’s crude output remained steady at 10.46 million bpd, while inventories increased by 1.98 million barrels to 149.4 million barrels. Domestic refineries processed slightly less crude, but exports of refined products rose. In an effort to further limit supply, Saudi Arabia plans to make a deep cut to its output in July and raise the prices of its Arab Light crude to Asian buyers. Some observers suggest that higher oil prices are necessary due to increasing inflation.
- Saudi crude exports hit five-month low in April