The volume of oil exports from Saudi Arabia to the U.S. and China in November fell sharply compared with the previous month. This conclusion was made by Bloomberg agency, having analyzed the data of tracking of ships.
Oil exports from Saudi Arabia to the U.S. fell 304 bpd to 83,000 bpd compared to October. That's the lowest since 2017, when the agency began tracking data on oil shipments. Bloomberg notes, however, that November values could rise because ships carrying about 18 million barrels of Saudi oil, which were loaded last month, have yet to report their final destinations.
Shipments to China in November were 1.6 million bpd, down 300,000 bpd from last month. Bloomberg last recorded similar values in 2020.
As the agency notes, the observed oil export volumes in November are "exceptionally small", especially when you consider that in September, shipments from the kingdom to the U.S. reached 667 thousand bpd - the highest in the last two years.