In June 2023, Kuwait experienced an 18.28 percent annual decline in its crude oil exports, amounting to a reduction of 340 thousand barrels per day. Based on data from the collaborative initiative “Judy,” Kuwait’s crude oil exports in June totaled 1.520 million barrels per day, marking a decrease from the previous year’s 1.860 million barrels per day in the same month.
These statistics also highlighted a 0.99 percent increase, equivalent to 15,000 barrels per day, in Kuwaiti crude oil exports compared to May. Specifically, they rose from 1.505 million barrels per day in May to 1.520 million barrels per day in June 2023, reports Al-Rai daily.
During the same month, Kuwait observed a substantial 37.81 percent year-on-year growth in its oil product exports, which translates to around 304 thousand barrels per day. The recorded figures for oil product exports from Kuwait indicated 1.108 million barrels per day, a considerable climb from the 804 thousand barrels per day reported in June of the previous year.
On a monthly basis, there was a 23.94 percent rise, equal to 214,000 barrels per day, compared to May 2023, where exports stood at approximately 894,000 barrels per day.
The “Judy” initiative revealed that Kuwait’s average crude oil production in June 2023 experienced a 6.46 percent annual decrease, equivalent to 176 thousand barrels per day. The crude oil production of the country reached 2.548 million barrels per day in June, down from the 2.724 million barrels per day recorded in the same month of 2022.
In the broader context, the data from “Judy” demonstrated that Saudi Arabia’s crude oil exports witnessed a decline of 124 thousand barrels per day in June, reducing from 6.928 million barrels per day in May to 6.804 million barrels per day.
Additionally, Saudi Arabia’s petroleum product exports experienced a decrease of 0.026 million barrels per day, reaching 1.347 million barrels per day in June while Saudi Arabia’s demand for oil products displayed an increase of 0.151 million barrels per day in June, reaching 2.627 million barrels per day; concurrently the Kingdom’s crude oil production decreased by 3 thousand barrels on a monthly basis, settling at 9.956 million barrels in June.
Moreover, Saudi refineries reduced their consumption of crude by 28 thousand barrels per day, reaching a daily consumption of 2.562 million barrels in June. The country’s exports of crude oil in June totaled 6.804 million barrels per day, representing a decrease of 124 thousand barrels per day compared to the previous month.
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