Exports of Saudi oil fall due to supply cuts in the U.S. and China

In November, exports of crude oil from Saudi Arabia dropped significantly due to a critical decrease in supply to the U.S. and China.

According to Bloomberg, the total volume of oil supplies fell to about 7.1 million barrels per day. This figure matches the low recorded in June of this year. In accordance with the revised data, the volume of exports in October was 7.5 million barrels per day.

Saudi oil exports to the U.S. have declined to their lowest levels since the beginning of 2017, dropping to 83,000 barrels per day. However, these figures might shift upward in November, as the final destination of tankers transporting around 18 million barrels of Saudi oil remains unknown. So far, there have been no comments from the country's officials.

Saudi oil exports to China, in turn, have dropped to 1.6 million barrels per day in November. This figure was 0.3 million barrels higher the month before.

Oil supplies have also been decreased in order to balance out the situation in the global commodity markets. Thus, Saudi Arabia as the largest oil exporter among the OPEC+ members implements the agreement with the organization. 

The alliance of non-OPEC countries, including Russia, will determine its further action strategy at the next meeting. It will be held virtually on December 4. The volume of supplies is expected to remain stable.