Saudi Arabia’s crude oil exports hit nine-month high in March

Image credit: Getty Images

Saudi Arabia’s crude oil exports rose for the second straight month in March, reaching their highest in nine months, data from the Joint Organizations Data Initiative (JODI) showed on Monday.

Why it’s important

Saudi Arabia is the world’s largest exporter of crude oil.

Sources with knowledge of the matter have told Reuters that Saudi Arabia and its allies in the OPEC+ group could extend some voluntary output cuts if demand fails to pick up.

Current oil production status

Crude exports from the world’s largest oil exporter increased 1.5 per cent to 6.413 million barrels per day (bpd) in March, up from 6.317 million bpd in February.

The country’s crude production fell to 8.973 million bpd in March from 9.011 million bpd in the prior month.

Data also showed that Saudi refineries’ crude throughput fell by 0.115 million bpd to 2.560 million bpd and direct crude burning declined by 53,000 bpd to 307,000 bpd in March.

Outlook

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website.

Earlier this month, Saudi Arabia raised the official selling price of its flagship Arab Light crude to Asia for June, which was at the higher end of traders’ expectations in a Reuters survey.

OPEC+ is likely to hold its June 1 oil policy meeting online instead of in Vienna.

Read: Oil prices climb amid uncertainty in the Middle East