Saudi Supplies Record 10.5mn B/D As Stock Draw Continues; Runs Hit New Peak

• Saudi Aramco drew down its crude inventories by 8.5mn barrels (293,000 b/d) in February, less than January’s bumper 11.4mn barrels (368,000 b/d) stock draw but still the second highest figure in almost four years.

• Coupled with crude output of 10.22mn b/d, the twelfth straight month over 10mn b/d, Saudi Arabia again supplied over 10.5mn b/d of crude to market for February, making January and February the two highest figures ever: last June’s record output of 10.564mn b/d was accompanied by a 200,000 b/d stock build (see chart 1).

• While stocks figures are not yet available for March, crude output remained at well over 10mn b/d – at 10.244mn b/d according to the country’s latest submission to Opec. And there is no sign of the record output run ending: Saudi Arabia was prepared to see the collapse of last weekend’s producers’ meeting in Doha rather than even pretend to compromise on its 18-month old ‘market share over price’ policy (see p11).


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE