Saudi Arabia’s strong compliance with stringent Opec+ cuts throughout 2021 ensured a third consecutive drop in annual crude oil exports. Volumes fell 440,000 b/d to an 11-year low 6.22mn b/d according to data intelligence firm Kpler. This excludes Saudi Arabia’s 50% share of the Neutral Zone; but even adding this in, the resultant figure of 6.32mn b/d is still well below 2020 levels.
Yet the seeds have already been sown for a potentially record-breaking year of crude oil exports in 2022. Q4 2021 exports of 6.82mn b/d were the highest quarterly figure since Saudi Arabia exported 7.07mn b/d in 2Q 2020, and the continued easing of Opec+ production cuts (MEES, 7 January) will likely soon push exports back above 7mn b/d. (CONTINUED - 689 WORDS)