Saudi Oil Exports Rose to 7.4 Mln Bpd in December

Saudi Oil Exports Rose to 7.4 Mln Bpd in December

Decisions by OPEC+ are not politicized and are based on market fundamentals, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed.

Meanwhile, Saudi Arabia’s crude oil exports in December 2022 rose by 157,000 bpd to 7.44 million bpd.

These figures were announced by the International Energy Forum (IEF) on Monday, citing data from the Joint Organizations Data Initiative (JODI).

According to JODI data, Saudi oil product exports rose by 0.222 million bpd to 1.4 million bpd in December.

The demand for petroleum products in Saudi Arabia increased by 0.022 million bpd to 2.399 million bpd.

Global oil demand climbed in December by 1.3 million bpd to a new record high, the data showed.

Oil prices rose on Monday amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place.

Brent crude rose 1.1%, to $83.97 a barrel. US West Texas Intermediate (WTI) crude for March was at $77.28 a barrel, up 1.2%. The more active April contract was up 0.5% at $76.90.

The benchmarks settled down $2 a barrel on Friday and closed lower by about 4% last week