RIYADH: As a result of the Organization of the Petroleum Exporting Countries’ decision to slash output, Saudi Arabia’s oil production declined 19.3 percent in August 2023 as compared to the corresponding month of the previous year. The latest monthly statistics released by the Joint Organisations Data Initiative showed the Kingdom’s crude production for August fell to 8.9 million barrels per day from 9.01 million bpd in July. This output level is considered the lowest since June 2021. During a policy meeting in June, OPEC and its allies, also known as OPEC+, agreed to limit supply into 2024. The Kingdom then pledged a voluntary production cut for July, which it later extended until August. Saudi Arabia announced earlier this month that it will continue the voluntary cut of 1 million bpd in November and December. Furthermore, the Kingdom’s crude oil August exports fell to 5.6 million bpd from 6.01 million bpd in July. This is considered the lowest level since April 2021, when exports stood at 5.4 million bpd. Saudi oil refinery output declined by 8.3 percent to 2.5 million bpd compared to the same month last year. Over the same period, exports of refined products declined by 5.5 percent to 1.3 million bpd. Gas and diesel comprise 46 percent of the refinery output, while motor aviation and fuel oil comprise 27 percent and 18 percent, respectively. Regarding exports of refined products, gas and diesel account for 44 percent of the exports, and motor and aviation products make up 21 percent. In comparison, fuel oil constitutes 11 percent of the export mix. Refinery output results from refining crude oil to create petroleum products, including gasoline, diesel fuel, jet fuel, heating oil, and various petrochemicals.