Saudi Arabia’s crude oil exports in February slipped to 7.2 million barrels per day (mmbbl) from 7.29 mmbbl in January, official data showed. In total, the Kingdom pumped 9.784 mmbbl in February, up from 9.748 mmbbl in January.
Saudi crude exports in February remained in line with its commitments under a deal reached in December between the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, according to Asharq Al-Awsat. This decline in production confirms Saudi Arabia aimed to reach a stable market that balances between supply and demand, even before the oil war embroiled the oil market.
Furthermore, the Kingdom’s direct crude burn in February rose by 26,000 bpd in February to 318,000 bpd, while its crude stocks fell by 682,000 to 153.286 million barrels. Oil products exports fell by 198,000 barrels per day (bpd) down to 550,000 bpd whilst domestic demand for oil products fell by 56,000 bpd down to 2.1 million bpd.