Saudi Arabia’s oil output fell slightly in March – JODI

Saudi Arabia produced about 8.97 million b/d of crude oil in March – 38,000 b/d less than in February, data compiled by the Joint Organizations Data Initiative (JODI) showed.

PHOTO: Flags of Saudi Arabia and Iraq. Getty Images

Saudi Arabia’s crude production declined below 9 million b/d in March after reaching a seven-month high in February. The country reported a slight drop in its crude production as it adhered to the voluntary output cuts. The de facto leader of OPEC has pledged to keep its production at around 9 million b/d until June-end.

Crude oil production in the group’s leading producers, Saudi Arabia and Iraq, fell by 1.5 million b/d and 297,000 b/d on a year-on-year basis, respectively, the International Energy Forum (IEF) reported.

Refinery runs in Saudi Arabia saw a decline of 6.3% year-on-year, according to JODI data. Despite less production, the country’s crude oil exports increased by 96,000 b/d to a nine-month high of 6.41 million b/d in March.

Brent futures are projected to gain upward momentum this year on the back of supply tightness, with market analysts expecting an extension of the ongoing 2.2 million b/d output cut by OPEC members. The OPEC+ alliance is scheduled to convene in June to discuss output policies for the second half of the year.

By Aparupa Mazumder 

Please get in touch with comments or additional info to news@engine.online