According to data compiled by JODI, the crude oil exports of Saudi Arabia, which is the de-facto leader of OPEC and the biggest producer in the cartel has declined to the lowest level in 33 months in June. In June, Saudi Arabia exported around 6.89 million barrels of crude oil per day, which is the lowest since early 2012. Saudi oil exports declined by 35,000 barrels per day in June from May.

Saudi Arabia’s oil minister Khalid al-Falih said last month that the kingdom will reduce exports to just 6.6 million barrels in August, proving support to oil price. That level is almost a million barrels less than the amount exported by Kingdom a year ago. Now, the data from JODI suggests that exports are likely to decline further as the stockpiles have declined to just 257 million barrels, which is the lowest in more than five years.

As Saudi Arabia continues to produce electricity by burning oil, a lower level of inventory indicates that exports are likely to drop in the coming months. A separate report also suggests that Saudi Arabia has decided to reduce exports to its Asian customers by almost half a million barrels in August. The news provided support to oil price, which has been in decline over the increased production by OPEC. WTI is currently trading at $47.2 per barrel and Brent is trading at $4 per barrel premium to WTI.