Oil exports from Saudi Arabia increased by 500,000 barrels in February

According to recent data from Joint Organization Data Initiative (JODI), published on Tuesday, in February crude oil exports from Saudi Arabia increased by 500,000 barrels per day (bpd). In January, this figure amounted to 6.073 million bpd, the next month it peaked at 6.547 million bpd. 

In the last winter month, the average daily production of oil in Saudi Arabia hit 8.947 million bpd, surpassing the January result of 8.917 million bpd. These volumes meet the terms of the previously signed agreement with OPEC+, under which the kingdom is obliged to keep production at or below 9 million bpd. 

Moreover, the gradual growth of oil production is expected in April and May due to the easing of restrictions under the OPEC+ agreements. 

According to the statements of the organization, the increase in production by 411,000 bpd is associated with favorable market prospects, and a significant increase in May will contribute to compliance with production discipline by some oil exporting countries.