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Saudi Crude Exports Rise

Saudi Crude Exports RiseSaudi Crude Exports Rise

Saudi Arabia's crude oil exports rose by 275,000 barrels per day in March from February, and it built stocks that month despite a fall in crude production, official data showed on Thursday. OPEC's biggest producer exported 7.232 million bpd in March, up from 6.957 million bpd in February, according to data from the Joint Organizations Data Initiative. It pumped 9.90 million bpd in March, down from 10.011 million bpd the month before, Reuters reported. Riyadh led OPEC and other producers in December to curtail output and drain a supply glut. OPEC is curbing its output by about 1.2 million bpd from Jan. 1, the group's first reduction in eight years. Russia and 10 other non-OPEC producers agreed to cut half as much. Despite the rise in Saudi crude exports in March, shipments are down around 300,000 bpd when compared with the same month last year, according to the JODI data. Saudi crude inventories rose to 267.854 million barrels in March from 264.704 million barrels in February, the JODI data showed.

 

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