Saudis boost oil output, exports
Baku, Azerbaijan, March 29
By Leman Zeynalova – Trend:
Saudi Arabia’s crude oil production rose to 9.983 million barrels per day in January 2018, registering an increase of 3,000 barrels per day month-on-month, according to the report of the Joint Organizations Data Initiative (JODI).
The country’s oil export stood at 7.170 million barrels per day in January 2018, as compared to 7.045 million barrels per day in December 2017, said the report.
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