Saudi Oil Output Jumps 12.2% to 8 Million Bpd in September

Crude oil production in Saudi Arabia rose by 12.2% in September from a month earlier, to reach 8 million barrels per day (bpd), data by Al Rajhi Capital Research cited by TradeArabia showed on Monday.

Following the very low levels of crude oil output in the spring and early summer, when all Gulf producers slashed output due to inability to ship crude cargoes via the Strait of Hormuz, production has started to recover as Saudi Arabia boosted ship-to-ship (STS) transfers outside the Strait and redirected most exports through its Red Sea port of Yanbu.

Despite the temporary two-week halt of the East-West oil pipeline and loadings at Yanbu in September due to the September 10 attacks on the pipeline, production rose as the Kingdom pivoted to shuttle-shipping crude through Hormuz by transferring cargoes that had transited Hormuz onto other vessels in the Gulf of Oman.

At the end of September, Brent Crude prices settled at $103.5 per barrel, which, alongside increased crude oil production, raised Saudi revenues from oil.

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