Baku, Azerbaijan, Jan.23
By Leman Zeynalova – Trend:
Saudi Arabia’s crude oil exports rose to 7.016 million barrels per day in November 2017, registering an increase of 142,000 barrels per day month-on-month, according to the report of the Joint Organizations Data Initiative (JODI).
The country’s oil export stood at 6.874 million barrels per day in October 2017.
This is while Saudi Arabia’s crude oil output dropped to 9.891 million barrels per day in November from 10.056 million barrels per day in October 2017, the data shows.
Saudi Arabia has undertaken the largest cut in oil output (486,000 barrels per day) among the participants of the OPEC deal signed last year in Vienna.
Earlier, OPEC and several other non-OPEC producers reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November last year.
---
Follow the author on Twitter: @Lyaman_Zeyn