Baku, Azerbaijan, May 20
By Leman Zeynalova - Trend:
Saudi crude oil and total oil products exports both fell again by total of 432,000 barrels per day to 8.44 million barrels per day month-on-month in February, Trend reports citing the Joint Organizations Data Initiative (JODI).
For the first time since last May, Saudi crude oil closing stocks rose by 3.73 MBBL month-on-month to 204.57 MBBL, reads the JODI report.
The report shows that the country’s oil production dropped from 10.243 million barrels per day in January to 10.136 million barrels per day in February.
Saudi Arabia has undertaken the largest cut in oil output among the participants of the OPEC deal signed in 2016 in Vienna.
OPEC and non-OPEC producers reached an agreement in December 2016 to curtail oil output jointly and ease a global glut after more than two years of low prices. OPEC agreed to slash the output by 1.2 million barrels per day from January 1.
Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January 1, 2017.
OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
The 5th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on December 7, 2018.
The meeting participants decided to adjust the overall production by 1.2 million barrels per day, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 million barrels per day (2.5 percent), and 0.4 million barrels per day (2 percent), respectively.
---
Follow the author on Twitter: @Lyaman_Zeyn