Saudi Crude Output Hit 7-Month High in February

SEATTLE (Oil Monster): According to latest Joint Organizations Data Initiative (JODI) data, the crude production by Saudi Arabia touched seven-month high of 9.01 million barrels per day (mbpd) during February this year. This is modestly higher by 55,000 bpd or 0.61% from the prior month. Meanwhile, the crude output was significantly lower by 14% from the levels during the same month a year before.

Also, crude exports by the country increased by 0.32% month-on-month to total 6.32 mbpd during the month.

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In early-April 2024, the OPEC countries along with its allies, led by Saudi Arabia and Russia had decided to extend previously announced voluntary output cuts of 2.2 mbpd until June this year.

As per JODI data, refinery crude output surged to hit five-month high in February. The output recorded 10% surge month-on-month to touch 2.68 million bpd. The output surged higher by 10% when compared with February 2023.

In February, diesel output at 1.02 mbpd, accounted for 38% of the total output, with percentage share declining from 45% in the prior month. Motor aviation or jet fuel output maintained 22% share at 597.000 bpd. Meantime, fuel oil made up 17% of the total refinery output.