Saudi Arabia’s Crude Export Reaches Nine-Month High in March
In a recent analysis from the Joint Organizations Data Initiative, Saudi Arabia’s crude exports hit 6.41 million barrels per day in March, marking a significant increase of 96,000 bpd or 1.52 percent compared to the previous month.
Production Cuts Impact Kingdom’s Crude Production
Despite the rise in exports, the data also revealed that the Kingdom’s crude production dropped to 8.97 million bpd, reflecting a monthly decrease of 0.42 percent. This decline can be attributed to the voluntary oil production cuts adopted by OPEC+ members, including Saudi Arabia’s extension of its 1 million bpd cut until the end of the second quarter of 2024.
Focus on Energy Mix and Efficiency
The Ministry of Energy announced plans to maintain the Kingdom’s production at around 9 million bpd until the end of June. Additionally, efforts are being made to enhance the contributions of natural gas and renewable sources to achieve an optimal, highly efficient, and cost-effective energy mix. This includes replacing liquid fuel with natural gas and integrating renewables to make up 50 percent of the electricity production energy mix by 2030.
Refinery Crude Output Declines, Direct Burn Decreases
In other findings, refinery crude output fell by 4 percent in March, reaching 2.56 million bpd. Meanwhile, Saudi Arabia’s direct burn of crude oil decreased by 53,000 bpd, representing a 14.7 percent drop compared to the previous month. The Ministry of Energy continues to monitor and adapt strategies to meet energy goals and reduce reliance on traditional fuel sources.