Saudi Arabia’s crude oil exports dropped by about 300,000 barrels per day (bpd) in January, official data showed on Monday, as the top OPEC producer played its part in a global supply-cut pact to support prices and ease a glut.
Saudi Arabia’s crude oil exports in January fell to 7.713 million bpd from 8.014 million bpd in December, according to data from the Joint Organizations Data Initiative (JODI).
The world’s largest oil exporter pumped 9.748 million bpd in January, in line with its OPEC output target, down from 10.465 million bpd in December, Gulf Business News reported.
OPEC and other producers including Russia agreed to reduce output by 1.8 million barrels a day in the first half of 2017 to rebalance the market. So far, OPEC has delivered nearly all the cutbacks it promised, mostly because Saudi Arabia has pulled back more than it agreed. Saudi Arabia pledged to cut production to 10.058 million barrels a day under the deal.
