Saudi Arabia, the leading global oil exporter, witnessed a slight decrease in its crude oil exports for January, marking the second consecutive month of decline, according to data released by the Joint Organizations Data Initiative (JODI).
In January, the Kingdom’s crude exports dipped by 0.2% to 6.297 million barrels per day (bpd), compared to 6.308 million bpd in December. However, Saudi Arabia’s crude production showed a modest increase, rising to 8.956 million bpd from 8.944 million bpd in December.
The monthly export data, crucial for understanding global oil market dynamics, are provided by Riyadh and other OPEC members to JODI, which then publishes the information on its website.
Alongside the decline in exports, Saudi refineries experienced a marginal increase in crude throughput, reaching 2.425 million bpd in January, up by 0.010 million bpd. Direct crude burning also saw a minor uptick, rising by 5,000 bpd to 308,000 bpd.
These developments come amidst discussions within OPEC+ regarding the extension of voluntary output cuts of 2.2 million bpd, aimed at stabilizing oil prices amidst uncertainties in demand and geopolitical tensions.
The International Energy Agency (IEA) has revised its outlook on 2024 oil demand growth, reflecting a cautious optimism compared to OPEC’s projections.
Earlier this month, Saudi Arabia made a subtle adjustment to the official selling price of its flagship Arab Light crude to Asia for April, in line with market expectations.
As the global energy landscape continues to evolve, stakeholders remain attentive to the developments emanating from major oil-producing nations like Saudi Arabia, which play a significant role in shaping global oil market dynamics.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
19th March, 2024
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
