Saudi Arabia’s crude oil exports in March surged 1.5 percent to 6.413 million barrels per day (bpd), up from 6.317 million bpd in February. The country’s crude production fell to 8.973 million bpd in March from 9.011 million bpd in the prior month.
Crude oil exports increased for the second consecutive month, reaching their highest level in nine months, according to data from the Joint Organizations Data Initiative (JODI).
Read more: Saudi Arabia’s crude oil production reaches seven-month high in February
Refinery and direct crude burning declined
Data also showed that Saudi refineries’ crude throughput fell by 0.115 million bpd to 2.560 million bpd and direct crude burning declined by 53,000 bpd to 307,000 bpd in March.
OPEC+ meeting likely online
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website. Earlier this month, Saudi Arabia raised the official selling price of its flagship Arab Light crude to Asia for June, which was at the higher end of traders’ expectations in a Reuters survey. OPEC+ is likely to hold its June 1 oil policy meeting online instead of in Vienna.
In February 2024, Saudi Arabia’s crude oil production reached a seven-month high of 9.01 million barrels per day (bpd), according to data from JODI. This represented a rise of 55,000 bpd or 0.61 percent compared to the previous month.
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