Saudi Arabia's crude oil exports jumped by 534,000 bpd a month in November to 8.24 bpd the highest level this year when the Kingdom moved to compensate Iran's supply losses by returning US sanctions against Tehran's oil industry. 19659002] According to data from the Joint Organizations Data Initiative database (JODI), which collects self-reported figures from 114 countries, Saudi Arabia's crude oil exports hit a 24-month high, while crude oil production rose to full-time high 11.09 million bpd in November.
Month before that, Saudi Arabia had increased its crude oil exports in October to its highest level since January 2017, when the original OPEC / non-OPEC production cutback agreement began.
After the US granted exemptions to eight key Iranian oil customers to continue importing oil from Iran until early May this year, Saudi Arabia and its allies in OPEC and non-OPEC Russia returned production as the market began to fetch. due to uncertain demand growth.
As a result, OPEC and its Russian-led non-OPEC partners agreed on a new production cut in early December. The goal was to remove 1
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Saudi Arabia had already begun to cut production already in December and cut output by 468,000 bpd from November to as much as 11,021 million bpd to bpd 10,553 million, which according to OPEC's secondary sources – those used to calculate compliance and cuts.
Under the agreement of January 1, OPEC's de facto leader and largest producer Saudi Arabia is obliged to cut 322,000 bpd from the October base of 10,633 million bpd and hold output of 10,311 million bpd until June.
Just after OPEC + meetings in Vienna last month, Saudi Energy Minister Khalid al-Falih said the Kingdom would reduce production to around 10.2 million bpd in January and Saudi crude oil exports would be cut below 8 million bpd in december from approx. 8.3 million bpd in November. Saudi Arabia is allegedly targeted at further cutting oil exports in January to around 7.3 million bpd.
By Tsvetana Paraskova for Oilprice.com
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