Opec crude oil production edged up by 20,000 b/d to 25.07mn b/d for March, as output increases led by Iran more than cancelled out a 130,000 b/d fall from Saudi Arabia (see table). Saudi production of 8.125mn b/d for March was almost exactly in line with the kingdom’s official 9.119mn b/d target minus an additional 1mn b/d of voluntary cuts that Riyadh pledged to make for February-April.
Having only fallen by around 500,000 b/d in February, data intelligence firm Kpler has Saudi crude exports falling by a further 330,000 b/d to 5.52mn b/d for March. Aside from June 2020, when Saudi exports dipped just below 5mn b/d with the entry into force of the current Opec+ agreement (MEES, 2 April), this is the lowest Saudi export figure since 2010. (CONTINUED - 853 WORDS)