Saudi Arabia’s crude oil exports in February slipped to 7.2 million barrels per day (bpd) from 7.29 million bpd in January, official data showed on Monday.
The decline in production confirms Saudi Arabia aimed to reach a stable market that balances between supply and demand, even before issues between OPEC+ and Russia surfaced last March.
Monthly export figures are provided by Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.
Saudi Arabia, OPEC’s top exporter, pumped 9.784 million bpd in February, up from 9.748 million bpd in January, according to data published by Riyadh-based JODI.
Saudi crude exports in February remained in line with its commitments under a deal reached in December by between OPEC and OPEC +.
The Kingdom’s direct crude burn in February rose by 26,000 bpd in February to 318,000 bpd, while its crude stocks fell by 682,000 to 153.286 million barrels.
Local refineries processed 2.212 million bpd in February versus 2.202 million bpd in January, according to JODI.
Data showed that oil products exports fell by 198,000 bpd to 550,000 bpd while domestic demand for oil products fell by 56,000 bpd to 2.1 million bpd.