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BC-Saudi-Oil-Exports-Drop-as-Shipments-to-US-and-China-Plunge , Brian Wingfield (Bloomberg) — Saudi Arabia’s crude exports declined in November, as shipments to the US plunged to a multiyear low and flows to China slumped. Total observed shipments dropped to about 7.1 million barrels a day, the lowest since June, tanker-tracking data compiled by Bloomberg show. That compares with a revised 7.5 million barrels a day in October. Exports to the US fell to 83,000 daily barrels — the lowest since Bloomberg began tracking the data in early 2017 — from 387,000 in October. The November figure could rise, as ships hauling about 18 million barrels of Saudi crude that loaded last month still haven’t signaled their final destinations. Saudi officials didn’t respond to a request for comment. The kingdom, the biggest producer in the Organization of Petroleum Exporting Countries, has slashed exports as it implements an OPEC+ deal to balance global crude markets. The alliance, which includes Russia and a handful of other non-OPEC members, meets virtually on Dec. 4 to determine next steps. It is increasingly expected to hold output steady. OPEC+ previously agreed to curb production last month — resulting in a sharp rebuke from US President Joe Biden, who for months has […]
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