Saudi Arabia crude exports rise to 7.391 million barrels per day in March: JODI

JODIDUBAI: Saudi Arabia’s crude oil exports in March rose by 113,000 barrels per day (bpd)to 7.391 million barrels per day from 7.278 million bpd in February, official data showed on Monday.

Saudi Arabia built up its crude stocks in March by more than 3.5 million barrels to 2,964 million barrels from minus 0.683 million barrels in the previous month. In March, OPEC member countries, Russia and other oil producers (a group known as OPEC+) still had a deal to curb output by 1.7 million bpd until March 31 to support prices.

Saudi Arabia remained compliant with the deal, despite the collapse of the pact in an OPEC+ March 6 meeting, following disagreements with Russia on the amount of cuts. The world’s top oil exporter’s crude output fell by 0.051 million bpd month on month to 9.733 million bpd in March, according to Joint Organizations Data Initiative (JODI).

Saudi crude stocks rose 2.963 million barrels to 156.249 million barrels in March. Domestic refinery crude throughput in Saudi Arabia fell 0.244 million bpd to 1.968 million bpd in March from 2.212 million bpd in February. Monthly export figures are provided by Riyadh and other members of OPEC to JODI, which publishes them on its website.