• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 1 day Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 2 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 19 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 6 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 2 days As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 1 day The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 2 days Never Knew Gasoline Prices were this important!
  • 1 day Plants are Dying
  • 5 hours Emmissions up, renewables nowhere
  • 1 day We Are Better Than This
  • 3 hours Middle East on brink: Oil tankers attacked off Oman
  • 1 day (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
How The Sahara Desert Can Power The Entire World

How The Sahara Desert Can Power The Entire World

Theoretically, solar energy generated in…

Saudi February Crude Oil Exports Drop To 21-Month Low

Riyadh

As Saudi Arabia is overcomplying with the OPEC production cuts and showing fellow OPEC members a ‘lead by example’, the Kingdom cut its crude oil exports in February to the lowest level since May 2015, while Saudi refineries processed record amounts of supply for domestic use.

According to data the single countries report to the Joint Organizations Data Initiative (JODI), Saudi Arabia’s crude oil exports in February stood at 6.957 million barrels per day, the lowest volumes shipped in a month since May 2015 when exports were 6.935 million bpd. Since May 2015, Saudi exports were below 7 million bpd only in August 2015 and in February this year, data by JODI show.

By comparison, Saudi exports in January this year—when the OPEC deal took effect—were 7.713 million bpd. In the two months leading to the start of the output cuts, the Kingdom’s exports exceeded 8 million bpd, at 8.258 million bpd in November, and at 8.014 million bpd in December.

Saudi oil production in February was 10.011 million bpd, and that’s the same figure the Saudis had reported to OPEC for their production that month.

Saudi refinery intake jumped to 2.673 million bpd in February from 2.127 million bpd in January, to a record high since JODI started publishing data in January 2002.

Related: Did Algos Drive The Latest Oil Price Rally?

The high refinery intake in February was not only the result of the lower exports. According to the Saudi Press Agency, Saudi Aramco planned to shut its 126,000-bpd crude oil refinery in Riyadh for planned maintenance for 80 days beginning on March 1.

“It seems that Aramco is preparing for the long shutdown of the Riyadh refinery by increasing production from other refineries as they need to keep some products in stocks while the refinery is closed,” independent analyst Mohamed Ramady told Bloomberg from London.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News