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Saudi Arabia crude exports slip 2% in February

Aramco Aramco
Oil prices have surged over 14% in July, recording the biggest monthly percentage increase since January 2022

Saudi Arabia’s crude oil exports slipped more than two percent in February data from the Joint Organisations Data Initiative (JODI) showed.

The country’s crude exports fell to 7.46 million barrels per day (bpd) in February, from 7.66 million bpd in January.

However, the world’s largest oil exporter’s crude production was little changed at 10.45 million bpd in February.

Earlier this month, Saudi Arabia’s energy ministry said that the kingdom is voluntarily cutting its oil production by 500,000 barrels per day from May until the end of 2023.

Despite the output cut, state oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers, several sources with knowledge of the matter said.

Saudi’s domestic crude refinery throughput decreased by 0.134 million bpd to 2.443 million bpd in February, while direct crude burn rose 17,000 bpd to 329,000 bpd.

Monthly export figures are provided by Riyadh and other members of Opec to JODI, which publishes them on its website.

The International Energy Agency said on Friday that it sees 2023 demand at a record 101.9 million bpd, up 2 million bpd on last year and on par with its prediction last month.

The US Energy Information Administration has predicted that non-Opec countries will account for a higher percentage of oil production gains this year and next, a reversal of the last two years.