Saudi Arabia’s Crude Production and Exports in April
In a recent analysis by the Joint Organizations Data Initiative, it was revealed that Saudi Arabia’s crude production surged by 13,000 barrels per day in April, reaching 8.99 million barrels.
Despite this increase, exports experienced a decline of 445,000 bpd to 6 million compared to the previous month.
An 11 percent year-on-year growth was recorded in the Kingdom’s direct burn of crude oil, which saw a rise of 93,000 bpd in April.
The Impact of OPEC+ Cuts on Saudi Arabia’s Production
The drop in crude exports and slight production uptick can be attributed to the voluntary cuts made by OPEC+ members.
Saudi Arabia extended its 1 million bpd cut until the end of 2024, which was initially implemented in July 2023.
Energy Minister Prince Abdulaziz bin Salman announced plans to increase oil production capacity from 2025 to 2027 before reaching a production level of 12.3 million bpd in 2028.
Oil Demand Trends in India and Globally
Data from JODI revealed a decrease in total oil demand in India by 156,000 bpd in April, along with a drop in total product exports by 85,000 bpd.
However, India’s overall crude imports saw a significant rise of 510,000 bpd, showcasing an 8.1 percent year-on-year increase.
OPEC projected a global oil demand growth of 2.25 million bpd in 2024, with rising demand in key markets such as China, India, the Middle East, and Latin America.
While OPEC remains optimistic about oil demand growth, the International Energy Agency forecasted a slower growth rate as the world transitions towards cleaner energy sources.