Saudi Arabia's commercial crude oil inventories climbed to 326.6 million barrels in August from 320.2 million barrels in July, according to the Joint Organisations Data Initiative (JODI) data. It was the highest level since 2002.

Exports declined to 7 million barrels a day in August from 7.28 million in July.

According to the JODI data, Saudi Arabia' oil production fell to 10.27 million barrels a day in August from 10.36 million in July.

Saudi Arabia said that its oil production totalled 10.23 million barrels a day in September.