The world’s top three crude oil exporters—Saudi Arabia, Russia, and the United States—saw their combined shipments fall by nearly 700,000 barrels per day (bpd) in August, according to a report from Vortexa. This decline brought their global seaborne crude exports to a multi-year low.
In August, the total crude exports from these three countries decreased to 12.7 million bpd, down from the previous month’s 13.4 million bpd. Despite this significant drop among the top exporters, global crude exports only fell by 260,000 bpd in August compared to July. This was due to increased shipments from other oil-exporting nations.
Among the Big 3, the United States experienced the sharpest decline in exports, with a drop of about 540,000 bpd. Saudi Arabia, the leading global crude oil exporter, saw its shipments decrease by 110,000 bpd, while Russia’s exports fell by 40,000 bpd.
U.S. exports hit their lowest monthly level since January 2023, with August shipments averaging 3.7 million bpd. The decline was partly due to tighter U.S. crude supplies, resulting from sluggish production growth and significant reductions in Cushing inventories.
Despite this drop, August is expected to be the low point for U.S. crude exports, with increasing flows to Europe anticipated in the near future.
Saudi Arabia’s reduced exports were not unexpected, given the higher domestic demand for oil for power generation during August. However, exports from Saudi Arabia may increase in the coming weeks as domestic energy needs are expected to decrease.
Russia’s exports also saw a slight decline in August, with potential for further reductions if China’s oil demand continues to weaken. Unlike Saudi Arabia, Russia does not have a steady stream of buyers eager to purchase its crude, according to Vortexa.