Connect with us

Hi, what are you looking for?

Energy

Saudi crude exports drop to eight-month low in February amid voluntary output caps

Saudi Arabia’s crude oil exports fell to their lowest in eight months in February, the Joint Organisations Data Initiative (JODI) said on Monday, as the world’s biggest oil exporter voluntarily capped output to support oil prices.

Crude exports fell to 5.625 million barrels per day (bpd), their lowest since June 2020 in February, from 6.582 million bpd in the prior month.

Exports had risen for a seventh straight month, to their highest since April 2020, in January.

For the latest headlines, follow our Google News channel online or via the app.

Crude output for February also dropped to its lowest since June last year at 8.147 million bpd, from 9.103 million bpd in January.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC) and allies, voluntarily cut output by 1 million bpd in February, March and April as part of a deal with OPEC+ producers after new virus variants cast doubts over fuel demand.

Total crude and oil products exports fell to 6.86 million bpd in February from 7.75 million bpd a month earlier.

The country’s domestic refinery crude throughput fell to 2.281 million bpd, while crude stocks fell to 134.575 million barrels in February.

Exports of oil products rose to 1.23 million bpd in February and demand for oil products edged higher to 1.885 million bpd in the same period.

Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.

 

 

You May Also Like

World

Sitting by herself at the funeral of Prince Philip on Saturday, Queen Elizabeth cut a regal, but solitary figure: still the monarch, but now...

World

Germany’s vaccine commission, known as STIKO, recommended on Thursday that people under 60-years old who have had a first shot of AstraZeneca’s COVID-19 vaccine...

Energy

United Arab Emirates power producer Abu Dhabi National Energy Co. (TAQA) announced on Wednesday plans to increase its renewable energyassets, in a shift away...

World

Activists opposed to Myanmar’s junta called on Monday for people to stop paying electricity bills and agricultural loans, and keep their children away from...

Advertisement

error: