Saudi Arabia’s crude oil production and exports declined in February compared with January as it fulfilled a global production reduction agreement reached by the world’s major oil producers late last year, according to data released by JODI on Thursday.
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According to JODI data, Saudi crude oil production in February fell by more than 1% annually to 10.136 million barrels per day; Saudi exports of crude oil in February dropped by 3.8% annually to 69.77 million barrels per day.
Saudi Arabia and Russia, the world’s major oil producers, began to cut crude oil production on January 1, 2019 to avoid oversupply in the global oil market and to support oil price rises. Saudi Arabia has oversupply cut production or is related to the need for high oil prices for Saudi Arabia’s Amy Oil Company to go public.
Saudi crude oil stocks rose to 204.567 million barrels in February from 20.834 million barrels in the previous month. Saudi crude oil inventories reached a record high of 329.43 million barrels in October 2015.
JODI data show that Saudi refinery crude oil processing capacity in February was 27.67 million barrels per day, slightly higher than the January 278 million barrels per day level. The country exported 1.61 million barrels of refined oil per day in February, a 9.6% reduction from January.
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Saudi demand for crude oil for power generation in February dropped from 377,000 barrels per day in January to 259,000 barrels per day, while demand for refined oil increased from 2.073 million barrels per day in the previous month to 2.157 million barrels per day.