Saudi Arabia’s oil output reached a seven-month high in February – JODI

Saudi Arabia produced about 9.01 million b/d of crude oil in February – the highest in seven months, the latest data compiled by the Joint Organizations Data Initiative (JODI) showed.

PHOTO: Oil pipeline valve in front of the Saudi Arabia flag on the oil barrels. Getty Images

Saudi Arabia produced an additional 55,000 b/d of crude in February, up 0.61% from the previous month, JODI data showed. The increase comes despite the kingdom implementing additional voluntary cuts of 1 million b/d on top of Organization of the Petroleum Exporting Countries' (OPEC) commitment since July 2023.

Saudi Arabia has pledged to keep its production at around 9 million b/d until June-end.

On the flip side, in February, total crude oil production across 43 countries that provided individual data to JODI saw a year-on-year decline as voluntary production cuts of 2.2 million b/d pledged by OPEC and its allies (OPEC+) came into force.

Crude oil production in the group’s leading producers Saudi Arabia and Iraq fell by up to 1.4 million b/d and 347,000 b/d on a year-on-year basis respectively, according to JODI data reported by the International Energy Forum (IEF), a Riyadh-based inter-governmental non-profit.

Oil prices gained upward momentum this year, with Brent crude futures breaking above $90/bbl, backed by heightened concerns about supply tightness due to output cuts.

“The oil market has been pushed into deficit after a handful of OPEC+ members announced they would roll over their additional voluntary cuts, amounting to 2.2 million b/d from the first to the second quarter of 2024,” two analysts from ING Bank said earlier.

Crude oil demand in these 43 countries surged by 1.1 million b/d in February, compared to the same month last year.

By Aparupa Mazumder 

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