RIYADH: According to the Joint Organizations Figures Initiative, Saudi Arabia produced 9.01 million barrels of crude oil daily in February, marking a seven-month high.
This was a 0.61 percent increase, or 55,000 barrels per day, over the previous month. Additionally, the report showed that the Kingdom’s monthly gain in crude exports was 0.32 percent, or 6.32 million barrels per day. As oil prices reached a five-month high in early April, the Organization of the Petroleum Exporting Countries (OPEC+) and its allies decided to maintain their current output policy.
OPEC+, led by Russia and Saudi Arabia, decided to support the market by extending voluntary supply cuts of 2.2 million barrels per day until June. The decision was made on April 3, at the Joint Ministerial Monitoring Committee’s 53rd meeting.
Attacks on Russian energy infrastructure, shortages in supply, and Middle East wars all contributed to an increase in oil prices, with Brent crude reaching $89 per barrel. This prolongation of cuts now runs through December of this year. It is in addition to the voluntary reductions that were announced in April 2023, including 500,000 bpd of cuts from both Saudi Arabia and Russia.
Because of this choice, even with the monthly rise, crude output is still about 14% less than what was produced in the same month the previous year.
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