Saudi Arabia’s crude oil production rebounded in May, while exports declined significantly, and domestic refining activity and demand both strengthened.

⑴ According to data from the Joint Oil Data Initiative, Saudi Arabia's crude oil production in May increased by approximately 240 thousand barrels per day month-on-month, reaching 6.56 million barrels per day. During the same period, domestic refinery throughput rose by about 180 thousand barrels per day to 2.386 million barrels per day.⑵ In terms of crude oil exports, May's export volume decreased by around 550 thousand barrels per day compared to the previous month, dropping to 3.434 million barrels per day. The divergence between export and production trends indicates that more crude oil was retained for domestic refining and power generation needs.⑶ Demand for petroleum products grew by approximately 90 thousand barrels per day month-on-month to 2.667 million barrels per day, with product exports increasing by about 70 thousand barrels per day to 1.083 million barrels per day, reflecting improvements in both domestic and international refined oil consumption.⑷ On the inventory side, crude oil stocks in May increased by roughly 2.83 million barrels to 142.794 million barrels. Direct crude burning rose by about 110 thousand barrels per day to 647 thousand barrels per day, in line with the typical high season for power demand.