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.