Saudi Arabia's crude oil exports rose for a fourth straight month in September to the highest in 29 months, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
Crude exports rose about 1.6 percent to 7.721 million barrels per day (bpd) in September - the highest since April 2020 - from 7.601 million bpd in August.
The world's largest oil exporter's crude production, however, fell to 11.041 million bpd in September from 11.051 million bpd in the previous month.
Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.
OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year's figure, citing mounting economic challenges including high inflation and rising interest rates.
In October, OPEC and allies - known as OPEC+ - decided to lower targeted production, and Saudi Arabia - the largest producer at OPEC - said the cut of 2 million bpd was necessary to respond to rising interest rates in the West and a weaker global economy.
The group is expected to hold its next meeting in Vienna on Dec. 4.
Saudi's domestic crude refinery throughput decreased by 108,000 bpd to 2.693 million bpd in September, while direct crude burn fell 142,000 bpd to 522,000 bpd.
Meanwhile, state oil firm Saudi Aramco said on Thursday it planned to invest in a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil Corp's refining complex in the city of Ulsan.
Oil extended declines on Thursday as geopolitical tensions eased slightly and rising numbers of COVID-19 cases in China added to worries over demand in the world's largest crude importer.
Meanwhile, J.P.Morgan economists predicted a "mild recession" in the United States in the back half of next year given expectations for the Federal Reserve to tighten monetary policy further in its battle against inflation.
Brent crude futures were down $1.16, or 1.25 percent, to $91.70 a barrel at 1521 GMT, while US West Texas Intermediate crude fell $1.84, or 1.84 percent, to $83.75.
Poland and NATO on Wednesday said a missile that crashed inside NATO member Poland was probably a stray fired by Ukraine's air defenses and not a Russian strike, easing fears of the war between Russia and Ukraine spilling across the border.
US crude oil inventories fell by more than expected last week, the Energy Information Administration (EIA) said.
Crude inventories dropped by 5.4 million barrels, against expectations for a draw of 0.44 million barrels.
Moreover, Russian crude flows have restarted on the branch of the Druzhba pipeline following the suspension due to the power outage.
