Saudi crude oil exports rise to 20-months high

Oil&Gas Materials 27 November 2018 14:34 (UTC +04:00)

Baku, Azerbaijan, Nov. 27

By Leman Zeynalova – Trend:

Saudi Arabia’s crude oil production rose from 10.412 million barrels per day in August 2018 to 10.502 million barrels per day in September, according to the report of the Joint Organizations Data Initiative (JODI).

Saudi crude oil exports in September rose again by 219,000 barrels per day to 20-months high of 7.43 million barrels per day, said the report.

This is while Iraq’s oil output has increased slightly from 4.460 million barrels per day in August 2018 to 4.461 million barrels per day in September 2018.

The report shows that the country’s exports have dropped from 4.031 million barrels per day to 3.953 million barrels per day.

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.

Iraq has undertaken the second largest cut in oil output after Saudi Arabia.

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.