Saudi Arabia’s crude oil exports rose in March, by Reuters

(Reuters) – Data released by the Joint Organizations Data Initiative (JODI) on Thursday showed a slight increase in Saudi crude oil exports in March compared to the previous month.

Crude exports from the world’s largest oil exporter rose nearly 1 percent to 7.52 million bpd in March from 7.46 million bpd in February.

Saudi Arabia’s (TADAWUL: 2030) refinery consumption of crude increased by 0.289 million barrels per day to 2.732 million barrels per day, and Judy said that the Kingdom’s crude production rose to 10.46 million barrels per day.

Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) provide monthly export figures to Judy, which it publishes on its website.

But Kpler and Petro-Logistics, which track shipments, said Saudi exports may have fallen in May as voluntary production cuts pledged by the kingdom and other members of the OPEC+ alliance took effect.

Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries have often said they do not target a specific price for oil, but some OPEC observers have said the organization needs higher oil prices due to rising inflation.

Saudi Aramco (TADAWUL:2222) cut its OSP for all grades of crude to Asian buyers for loading in June as refining margins fell. However, the price cut was less than what the market expected.

(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin)