Saudi Arabia’s oil exports increased by 113,000 barrels per day (bbl/d), reaching 7.391 million barrels per day (mmbbl/d) in March, up from 7.278 mmbbl/d in February, according to Reuters.
Despite this, the world’s top oil exporter’s crude oil production dropped by 0.051 mmbbl/d month-on-month to 9.733 mmbbl/d in March.
The kingdom built up its crude stocks in March by more than 3.5 million barrels (mmbbl), reaching 2.964 mmbbl from negative 0.683 mmbbl in the previous month. Domestic refinery crude throughput in Saudi Arabia fell 0.244 mmbbl/d to 1.968 mmbbl/d in March from 2.212 mmbbl/d in February.
The OPEC+ deal signed in April decreed that output be reduced by 9.7 mmbbl/d for May and June as the coronavirus pandemic slashed demand.