Saudi crude exports peaked at 8 months in December
Thursday – 7 Rajab 1442 AH – February 18, 2021 AD Issue No. [
Oil prices rose to record levels after a voluntary Saudi cut by one million barrels per day (Reuters)
London: “Asharq Al-Awsat”
Exports increased to 6.495 million barrels per day, their highest levels since April 2020, compared with 6.35 million barrels per day in November.
The Joint Data Initiative said, on its website, that total exports of crude and petroleum products from the world’s largest oil exporter increased compared to the previous month, to 7.71 million barrels per day.
Domestic refineries consumption of crude decreased by 0.4 percent to 2.33 million barrels per day, while direct burning decreased by 53 thousand barrels per day to 267 thousand barrels per day. The Kingdom’s production of crude oil remained unchanged at 8.98 million barrels per day.
Saudi Arabia, most members of the Organization of the Petroleum Exporting Countries, and a number of allies have curbed their oil production to support crude prices since January 2017.
The kingdom pledged an additional voluntary cut of 1 million barrels per day in February and March.
Riyadh and other OPEC members provide monthly export numbers to the Joint Data Initiative, which publishes them on its website.
Oil prices have risen to record levels since Saudi Arabia announced a voluntary reduction of one million barrels per day, during the month of February and next March.
Oil prices rose during yesterday’s trading, supported by a major disruption to supplies in the southern United States this week due to a heavy snowstorm in Texas.
US West Texas Intermediate crude futures rose 0.10 percent to $ 60.10 a barrel by 1532 GMT. Brent crude futures gained 0.33 percent to $ 63.56 a barrel.
Analysts said oil prices have risen strongly in recent months, and production disruptions caused by the storm in Texas, the nation’s largest oil-producing state, have maintained price support.
Analysts at «A. that. Z. and Citigroup, the decline in US shale oil production, by at least two million barrels per day. Citi expected a cumulative production loss of about 16 million barrels until early March, but the extreme cold also dealt a blow to demand for crude due to the disruption of operations at the refineries.
Analysts said the price strength has drawn more attention to “OPEC +”, which will meet to set policy on March 4.
Margaret Young, a strategic expert at the DailyF, said: X »in Singapore, according to Reuters:« The impact on crude oil prices will depend a lot on the extent of the continuing energy crisis, but prices will likely return to fundamentals in the end with a focus on global energy demand and (OPEC +) ».
Sources in “OPEC +”, according to Reuters, said that the group’s oil producers will likely ease restrictions on supplies after April due to the recovery in prices.
The US Energy Information Administration is due to release data on oil inventories on Thursday, a day late due to a holiday in the country on Monday.
Analysts polled by Reuters had expected crude stocks to fall by 2.2 million barrels on average in the week ending February 12th.
The Saudi economy