Saudi crude oil exports have increased sharply this month, preliminary data from Kpler shows. Exports are on course to average 6.9mn b/d in February, up 330,000 b/d to the highest level since April 2023 (see chart). That month marks the last month before Opec+ implemented deep voluntary cuts, that it only began to unwind last April.
The increase in exports appears to have begun in late January (MEES, 30 January) amid growing speculation of US military strikes against Iran. Although Oman-mediated talks are ongoing, with the latest round taking place in Geneva on 26 February, there remains an elevated risk of conflict as the US continues to ramp up its military presence in the region. (CONTINUED - 333 WORDS)
