The kingdom's crude exports fell about 6.3% to 7.28 million
barrels per day (bpd) in November 2022 from 7.77 million bpd in October 2022,
marking the first reduction in exports in the last six months.
The world's largest oil exporter's crude production fell to
10.47 million bpd in November 2022 from 10.96 million bpd in the previous
month.
Saudi's domestic crude refinery throughput decreased by
19,000 bpd to 2.660 million bpd in November 2022, while direct crude burn rose
49,000 bpd to 429,000 bpd.
OPEC oil output rose in December 2022, a Reuters survey
found on Wednesday, despite an agreement by the wider OPEC Plus consent to cut
production targets to support the market.
OPEC Plus, which comprises the Organization of the Petroleum
Exporting Countries (OPEC) and allies including Russia, last month had agreed
to stick to a 2 million bpd oil output cut.
Chinese oil demand rose by nearly one million bpd from the
previous month to 15.41 million bpd in November 2022, its highest since
February 2022, the data showed.
OPEC said on Tuesday Chinese oil demand would rebound
this year due to relaxation of the country's COVID-19 curbs and drive global
growth, and it sounded an optimistic note on the prospects for the world
economy in 2023.
Saudi Arabian state oil producer Aramco is discussing investments
in petrochemicals with Chinese companies, Asharq reported citing an
interview by the company's chief executive with Bloomberg.
Lately, oil prices have been caught in a tug-of-war between
fears of a possible US recession and optimism over China's demand outlook.
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