Saudi crude exports fall to 7.29 mln bpd in January

      Published on Friday, 20 March , 2020      942 Views     
Saudi crude exports fall to 7.29 mln bpd in January

  • Business

Saudi Arabia’s crude oil exports in January fell to 7.29 million barrels per day (bpd) from 7.37 million bpd in December, official data showed on Wednesday.

The top OPEC exporter pumped 9.748 million bpd in January, up from 9.594 million bpd in November, according to data on the website of the Riyadh-based Joint Organisations Data Initiative (JODI).

Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries provide monthly export figures to the Joint Organizations Data Initiative (JODI), which publishes them on its website.

Led by de-facto leader Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed in December to reduce oil supply by 1.7 million bpd until March 31, with Riyadh pledging to withhold output by more than its share, effectively taking the cut to 2.1 million bpd.

That pact is about to expire after the OPEC+ alliance of producers this month failed to reach an agreement on further action.

Saudi’s local refineries processed 2.202 million bpd in January versus 2.228 million bpd in December, according to JODI.

Its exports of refined oil products in January fell to 1.052 million bpd from 1.173 million bpd in December, the data showed.

Category Business | 2020/03/20 latest update at 5:00 PM
Source : Internet | Photocredit : Google
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