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Saudi Arabia's crude oil exports in March dropped to 6 million barrels per day from 6.413 million bpd, as reported by the Joint Organizations Data Initiative (JODI) on Monday.
The decrease in Saudi exports aligns with the OPEC+ agreement to reduce production in order to stabilize the market. OPEC+ has been implementing output cuts since late 2022 to support the market amidst increased output from the United States and other non-member producers, as well as concerns about demand due to high interest rates in major economies.
Currently, OPEC+ members are collectively reducing output by 5.86 million barrels per day, which is approximately 5.7% of global demand.
This includes 3.66 million bpd of cuts initially set to expire at the end of 2024, as well as voluntary cuts by eight members totaling 2.2 million bpd.
On June 2, OPEC+ decided to prolong most of its significant oil output cuts until 2025 in an effort to stabilize the market amid sluggish demand growth, high interest rates, and increasing competition from US production.
OPEC+ plans to gradually phase out the 2.2 million bpd cuts over a one-year period from October 2024 to September 2025, with eight countries, including Russia, already committed to reducing production.
Monthly export data is submitted by Riyadh and other OPEC member countries to the Joint Organizations Data Initiative (JODI), which publishes the information on its website.
