Saudi Arabia’s crude oil exports saw a significant rise in February, increasing by nearly 500,000 barrels per day (bpd) compared to January, according to the latest data from the Joint Organizations Data Initiative (JODI) released on Tuesday.
The world’s largest crude oil exporter shipped an average of 6.547 million bpd in February, up from 6.073 million bpd in January, the JODI database revealed. The data is based on self-reported figures from individual countries.
In terms of production, Saudi Arabia’s crude oil output averaged 8.947 million bpd in February, nearly the same as the 8.917 million bpd in January, indicating a stable production rate. This aligns with Saudi Arabia’s commitment under the OPEC+ agreement to limit its production to around 9 million bpd.
As part of the OPEC+ agreement, Saudi Arabia has shouldered the largest share of production cuts across the group. Additionally, the kingdom has implemented an additional unilateral production cut of 1 million bpd.
Saudi Arabia’s oil production is expected to rise slightly in April and more significantly in May. This comes as the OPEC+ group begins to ease production cuts, with a total increase of about 138,000 bpd this month. By May, Saudi Arabia and OPEC+ are expected to ramp up production more than previously anticipated.
Earlier this month, OPEC+ decided to further raise production, with the increase in May set to be three times higher than expected. OPEC+ producers believe that a healthier outlook for the oil market justifies the decision to boost supply.
In May, OPEC+ will raise production by 411,000 bpd, bundling three months’ worth of increases into the May supply levels. This move also offers an opportunity for countries to compensate for any previous shortfalls in their production quotas.
While Saudi Arabia has adhered to its commitment to cap production at 9 million bpd until April, other OPEC+ members, including Iraq, Kazakhstan, and Russia, have faced challenges in meeting their production targets.
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