Saudi Arabia’s crude export down

Saudi crude oil exports in April dropped by 226,000 barrels per day month-on-month to 7.006 million barrels per day, according to the report of the Joint Organizations Data Initiative (JODI).

The country’s crude oil export stood at 6.957 million barrels per day in February 2017, the lowest level since May 2015.

Moreover, Saudi Arabia’s crude oil output has increased from 9.900 million barrels per day in March to 9.946 million barrels per day in April 2017, the data shows.

Saudi Arabia has undertaken the largest cut in oil output (486,000 barrels per day) among the participants of the OPEC deal signed last year in Vienna.

On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

The reductions will be on the same terms as those agreed in November.