Saudi Arabia increased its oil production by 3.9 per cent in May compared with the previous month, whilst exports fell by 13.9 per cent, according to the Joint Organisation Data Initiative (JODI) website.
Exports totalled 3.434 million barrels per day, compared with 3.986 million bpd in April. Compared with May 2025, they fell by 44.5 per cent. Consequently, the figure dropped to a historic low due to the conflict in the Middle East and the blockade of the Strait of Hormuz.
Saudi Arabia’s oil production rose to 6.56 million bpd the month before last, compared with 6.316 million bpd in April. On a year-on-year basis, a fall of 28.6 per cent was recorded.
Oil production in Venezuela rose by 3.8 per cent month-on-month in May to 1.179 million bpd. Over the year, the figure rose by 10.6 per cent. The country exported 1.030 million bpd the month before last, compared with 1.039 million bpd in April; a year earlier, there were no exports.
According to preliminary JODI estimates, the US reduced its oil production by 1.6% in May to 13.717 million bpd, compared with a revised figure of 13.934 million bpd in the previous month. Over the year, the figure rose by 2% (from 13.447 million bpd).
US oil exports, according to the organisation’s calculations, stood at 5.303 million barrels per day the month before last, compared with 5.593 million barrels per day in April (a fall of 5.2%) and 3.629 million barrels per second in May 2025 (an increase of 46.1 per cent).