Saudi Press

Saudi Arabia and the world
Thursday, Feb 22, 2024

Saudi Arabia’s crude oil exports rise to 7.52 mbpd in March: JODI data

Saudi Arabia’s crude oil exports rise to 7.52 mbpd in March: JODI data

Saudi Arabia’s crude oil exports increased by 68,000 barrels per day to 7.52 million bpd in March, from 7.45 mbpd in February, according to the latest report released by the Joint Organisations Data Initiative.
The figures show the Kingdom’s crude production also increased by 14,000 bpd in March to reach 10.46 mbpd.

It noted that Saudi Arabia’s crude inventories drew by 4.5 million barrels in March, while product inventories rose by 4.7 million barrels.

In April, the Energy Ministry said the Kingdom is voluntarily cutting its oil production by 500,000 bpd from May until the end of 2023.

Monthly figures for crude production and export are provided by Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries to JODI, which publishes them on its website.

According to the JODI report, global oil demand rose by 3 mbpd month-on-month in March to the highest level ever recorded by JODI-reporting countries, driven by growth in China and the US.

The report added that China’s total demand increased by 1.6 mbpd month-on-month to 16.79 mbpd — the third-highest level ever reported for the country in JODI.

Global crude oil production, however, fell by 0.5 mbpd in March, primarily driven by lower production in the US, China, Angola, Canada, and the UK.

The report said that global inventories of refined products fell by 39.6 million barrels in March, while crude inventories declined by 0.7 million barrels.

The combined natural gas demand of the EU and the UK declined by 3 billion cubic meters and was 16 percent below seasonal average levels. The region’s gas inventories drew by 4.96 bcm in March and stood at 54 percent full at the end of the month.

Notably, this month’s update from JODI did not include March data for Russia.

Earlier this month, the International Energy Agency raised its forecast for global oil demand by 200,000 bpd to 102 million bpd, noting that China’s recovery after the lifting of COVID-19 curbs had surpassed expectations with demand reaching a record 16 million bpd in March.

Related Articles

Saudi Press
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, has announced a partnership with the London Metal Exchange to set up metal storage and delivery centers in the country. Alkhorayef highlighted Saudi Arabia's expanding military industries sector, crediting the Public Investment Fund (PIF) as a key partner, during his speech at the second PIF Private Sector Forum in Riyadh