January 19, 2017 / 3:32 PM / 2 years ago

Saudi Arabia crude exports rise to 8.258 mln bpd in Nov - JODI

DUBAI, Jan 19 (Reuters) - Saudi Arabia’s crude oil exports in November rose to 8.258 million barrels per day (bpd) from 7.636 million bpd in October, official data showed on Thursday.

The kingdom pumped 10.720 million barrels per day in November, up from 10.625 million bpd in October, according to data from the Joint Organizations Data Initiative (JODI).

Saudi Arabia had maintained high output levels since mid-2014 aiming to defend market share against rival producers.

But Riyadh led OPEC and other rival producers in December to reach their first deal since 2001 to curtail oil output and ease a global glut which had strained many producers’ budgets.

Saudi Arabia’s domestic crude inventories fell to 274.366 million barrels in November from 276.586 million barrels in October, 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 2.184 million bpd of crude in November, down from 2.564 million bpd in October. Exports of refined oil products in November fell to 1.226 million bpd compared with 1.443 million bpd in October.

State oil firm Saudi Aramco has stakes in more than 5 million bpd of refining capacity at home and abroad, placing it among the global leaders in making oil products.

In November, crude oil used to generate power fell sharply to 352,000 bpd from 492,000 bpd in October, the JODI data showed, as cooling temperatures reduced demand for air conditioning.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the JODI, which published them on its website. (Reporting by Noah Browning; Editing by Mark Potter)

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