Saudi's crude oil stockpiles shrunk in December – new data

The kingdom has been tapping its crude inventories following attacks on oil facilities in September 2019

Inventories, Crude

Saudi Arabia’s crude stockpiles fell by 11.8 million barrels in December, official information showed on Tuesday.

The country’s oil inventories slid to 155.199 million barrels in December, from 167.013 million barrels in November, according to the Riyadh-based Joint Organisations Data Initiative (JODI).

Crude exports in December were unchanged at 7.373 million barrels per day, from the previous month, despite a drop in production. The world’s top exporter pumped 9.594 million bpd in December, down from 9.890 million bpd in November.

Saudi Arabia has been tapping its crude inventories after attacks on its oil facilities in September temporarily wiped more than half of its output.

Saudi’s local refineries processed 2.228 million bpd in December, steady from 2.211 million bpd in November, according to JODI.
Exports of refined oil products in December fell to 1.052 million bpd, from 1.173 million bpd the month before, the data showed.

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