The world’s top 3 oil exporters saw shipments decline in August

The world’s “big 3” crude exporters – Saudi Arabia, Russia and the United States – saw their combined supplies fall by nearly 700,000 barrels per day (bpd) in August from July to a low share of more years of global crude oil seaborne exports. , an analysis by oil flow tracking firm Vortexa showed on Wednesday.

Total crude oil exports from Saudi Arabia, Russia and the US fell to 12.7 million bpd last month, down nearly 700,000 bpd month-on-month.

Despite a major drop in “Big-3” exports, global exports fell by just 260,000 bpd in August from July as other exporters increased shipments, wrote Jay Maroo, head of Market Intelligence & Analysis (MENA) at Vortex.

The US saw the steepest decline in exports among the Big Three, with supplies falling by about 540,000 bpd. Saudi Arabia, the world’s top crude exporter, saw its exports fall by 110,000 bpd and Russian supplies fell by 40,000 bpd in August from July.

US exports fell to the lowest monthly total since January 2023, Vortexa data shows. Deliveries of 3.7 million bpd in August marked a particularly slow start to the month.

“Tighter US crude supplies, as seen in the sharp pullbacks in Cushing inventories, came in part as a result of rising US production woes,” Vortexa’s Maroo noted.

However, August was likely the lowest level for US crude exports as flows to Europe increased, according to Vortexa.

Lower crude oil exports from Saudi Arabia were not surprising for August, given higher demand for burning oil for power generation in the Kingdom, Vortexa analysis showed.

In the coming weeks, Saudi exports could increase as domestic power generation needs are expected to fall, potentially freeing up supply for exports.

Russian exports fell slightly in August but could fall further if Chinese oil demand continues to deteriorate. Moscow – unlike Riyadh – has no willing buyers of its crude to find Russian crude, notes Vortexa.

By Charles Kennedy for Oilprice.com

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