Saudi Arabia’s crude oil exports increase for the second consecutive month in March, hitting a nine-month high, according to Joint Organizations Data Initiative (JODI) data released on Monday.
Significance of the Data
As the global leader in crude oil exports, Saudi Arabia plays a pivotal role in the international energy market.
Insiders privy to the sector’s developments suggest that Saudi Arabia, along with its OPEC+ allies, is considering maintaining some voluntary production cuts should the demand for oil not experience an uptick.
Statistical Insights
The volume of crude exports from the top oil-exporting nation saw a 1.5% rise to 6.413 million barrels per day (bpd) in March, a climb from February’s 6.317 million bpd.
In contrast, the country’s crude production experienced a slight decrease, settling at 8.973 million bpd in March, down from 9.011 million bpd in the previous month.
Additional figures indicated a reduction in Saudi refineries’ crude processing, with a throughput drop of 0.115 million bpd to 2.560 million bpd, and a decline in direct crude burning by 53,000 bpd to 307,000 bpd in March.
Background Information
Monthly export data are submitted by Riyadh and other OPEC member countries to JODI, which subsequently makes the information available on its website.
Notably, earlier in the month, Saudi Arabia adjusted the official selling price of its benchmark Arab Light crude for Asia in June, aligning with the upper range of market predictions from a Reuters survey.
It is also anticipated that OPEC+ will conduct its June 1st oil policy meeting virtually rather than in Vienna.