GCC up for positive growth albeit global headwinds


Saudi Arabia shipped less crude in 2021 from a year ago, even as the Kingdom is allowed to produce more oil under its agreemnt with OPEC+ countries.

Saudi crude oil exports averaged 6.22 million barrels per day, which is 6.6 percent less than in 2020, data posted by the Joint Organizations Data Initiative, also known as JODI, has revealed.

Saudi crude exports also fell 5.3 percent and 4.6 percent in 2020 and 2019, respectively.

During the last month of 2021, the Kingdom exported 6.94 million barrels per day of oil — down 0.2 percent from November 2021 — but 6.8 percent more than in December 2020.

Crude oil output also fell in 2021 as it averaged 9.12 million bpd compared to 9.22 in 2020, a decline of 1.1 percent compared to a 6-percent annual fall in 2020.

The December 2021 output, however, grew to 10.02 million bpd, up 1.1 percent from November. Output has grown for the eighth month in a row. It also grew 11.6 percent from December 2020.

Looking at half-yearly numbers, in the second half of 2021 daily crude exports averaged 6.67 million bpd, or 8.8 percent more than in the same period of 2020. Compared to the first half of 2021 the rate of growth was even faster — 15.5 percent.

As for crude output, it averaged 9.74 million bpd in the second half of 2021, which is 9.4 percent and 14.5 percent more than in the second half of 2020 and the first half of 2021, respectively.–AN

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