Saudi Arabia’s crude oil exports rise to 7.52 mbpd in March: JODI data

Saudi Arabia’s crude oil exports rise to 7.52 mbpd in March: JODI data

RIYADH: Saudi Arabia’s crude oil exports increased by 68,000 barrels per day to 7.52 million bpd in March, from 7.45 mbpd in February, according to the latest report released by the Joint Organisations Data Initiative.

The figures show the Kingdom’s crude production also increased by 14,000 bpd in March to reach 10.46 mbpd.

It noted that Saudi Arabia’s crude inventories drew by 4.5 million barrels in March, while product inventories rose by 4.7 million barrels.

In April, the Energy Ministry said the Kingdom is voluntarily cutting its oil production by 500,000 bpd from May until the end of 2023.

Monthly figures for crude production and export are provided by Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries to JODI, which publishes them on its website.

According to the JODI report, global oil demand rose by 3 mbpd month-on-month in March to the highest level ever recorded by JODI-reporting countries, driven by growth in China and the US.

The report added that China’s total demand increased by 1.6 mbpd month-on-month to 16.79 mbpd — the third-highest level ever reported for the country in JODI.

Global crude oil production, however, fell by 0.5 mbpd in March, primarily driven by lower production in the US,