DUBAI (Reuters) - Saudi Arabia’s crude oil exports dipped by 89,000 barrels per day (bpd) in July, while volumes used by local refineries and the country’s refined products shipments rose from a month earlier, official data showed on Sunday.
The world’s biggest crude exporter trimmed its production by around 200,000 bpd in July pumping 10.361 million bpd, but Riyadh shows no signs of wavering on its strategy of defending market share and feeding a growth in global as well as domestic demand.
The OPEC heavyweight shipped 7.276 million bpd in July down from 7.365 million bpd in June, figures published by the Joint Organisations Data Initiative (JODI) showed.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which published them on its website.
Saudi Arabia burns higher crude volumes to generate power for air-conditioning during the hot summer months. It has also been feeding more crude to domestic refineries as it expands oil product exports.
Domestic refineries processed higher volumes in July at 2.214 million, up from 2.099 million bpd a month earlier, the JODI data showed.
Crude oil directly burnt to generate power was almost steady in July at 848,000 bpd compared with 894,000 bpd in June.
Exports of refined oil products in July rose to 1.075 million bpd from 1.008 million bpd in June, the JODI data showed.
The kingdom’s rapid transition into one of the largest oil refiners adds an extra dimension to global oil markets.
State oil giant Saudi Aramco has stakes in more than 5 million bpd of refining capacity, at home and abroad, landing it a place among the global leaders in making oil products.
Reporting by Rania El Gamal; Editing by Clelia Oziel