The United Nations Oil Database (JODI) recently published a series of the latest data, including Saudi Arabia's crude oil production. According to the data, Saudi Arabia's crude oil production increased by 55,000 barrels per day in February, reaching a seven-month high of 9.01 million barrels per day, with an increase of 0.61%.
Similarly, crude oil exports also began to increase alongside production. The latest data shows that in February, Saudi crude oil exports rose to the highest level in three months, reaching 6.32 million barrels per day with a monthly increase of 0.32%.
In early April, oil prices reached a six-month high due to a combination of factors, but OPEC and its allies, OPEC+, chose to maintain their current production and policies unchanged. The previously promised production cuts and targets will continue.
Since July 2023, Saudi Arabia has been voluntarily reducing production by 1 million barrels per day. Saudi Arabia has expressed its willingness to work together with OPEC+ to maintain the stability and balance of the international oil market, thus Saudi crude oil production has been limited to around 9 million barrels per day.
However, Saudi policy seems to be starting to change recently. In March, the Saudi Energy Ministry publicly stated that to maintain market stability, additional production cuts will be gradually restored according to market conditions. Due to OPEC's production cut regulations and resource reductions, Saudi's crude oil production has been far below the same period last year.
In addition to crude oil production, Saudi refinery output also soared to a six-month high. This mainly includes the production of gasoline, diesel, and other crude oil processed products, with refinery output increasing by approximately 10% compared to the previous month, reaching 2.68 million barrels per day.
