The first data released by the Riyadh-based Joint Organization Data Initiative (JODI) on Saudi Arabia’s oil sector since the Opec cuts came into force, highlight how it has minimized the impact on crude exports.
Saudi Arabia’s crude exports in January were 300,000 b/d lower than December, but at 7.71mn b/d were still slightly higher than the 2016 average. Given that Saudi Arabia claims to have cut almost 1mn b/d in January – although MEES puts it closer to 500,000 b/d – this is some achievement. It also shows the importance that the kingdom puts on protecting its market share. (CONTINUED - 884 WORDS)