JODI: Saudi Arabia's crude oil exports fell to a four-month low in May

Foreign news on July 19, data released by the United Oil Database (JODI) on Tuesday showed that Saudi Arabia's crude oil exports in May fell to a four-month low of 7.
05 million barrels per day
.

May crude exports were about 4.
5 percent
lower than April's 7.
382 million b/d.

Saudi Arabia more than doubled its fuel oil imports from Russia in the second quarter to meet summer cooling demand and free up Saudi Arabia's own crude for export
, the data showed.

Meanwhile, Saudi Arabia, the world's largest oil exporter, increased crude output in May to a more than two-year high of 10.
538 million b/d, compared with 10.
441 million b/d
in the previous month.

U.
S.
President Joe Biden's visit to Saudi Arabia ended without announcing that Saudi Arabia would raise oil production to help lower fuel prices
.

On Tuesday, Saudi Arabia's foreign minister said he believed there was no shortage of oil in the market but a lack of refining capacity, so it was necessary to increase investment to expand the capacity
to process crude into various petroleum products.

Saudi Arabia's refined oil exports edged up to 1.
527 million b/d
in May, the data showed.

Saudi Arabia's domestic crude processing increased to 211,000 b/d to 2.
749 million b/d
in May.

The export data of the Joint Petroleum Database (JODI) is provided directly by the Organization of the Petroleum Exporting Countries (OPEC) and then compiled and published
on the official website.