Saudi Arabia’s crude oil exports fell for a second consecutive month in April, reaching a record low according to data from the Joint Organizations Data Initiative (JODI).
The decline coincides with the kingdom maintaining production at 6.316 million barrels per day, highlighting a growing disconnect between output and exportable volume.
The export slump reflects the tangible supply constraints imposed by ongoing disruptions in the Strait of Hormuz.
While global oil inventories are declining at an unprecedented rate due to these shipping bottlenecks, the inability to move crude from the Persian Gulf to global markets is becoming a defining feature of the current energy landscape.
This physical tightness contrasts with recent market sentiment.
Crude oil prices retreated sharply earlier this week, erasing gains from the previous session as investors reassessed the trajectory of Middle East hostilities.