RIYADH: Saudi Arabia’s February crude exports rose by 311,000 barrels per day to reach 7.307 million barrels per day, the biggest monthly increase since October 2021, according to the Joint Organisations Data Initiative, also known as JODI.
The data showed the Kingdom’s crude exports rose by 4.4 percent from 6.996 million bpd in January.
In terms of output, crude oil output grew 0.8 percent — 80,000 bpd — in February to 10.225 million bpd — up from 10.145 million bpd in January.
The latest figures show that the Kingdom’s February oil output grew 25.5 percent from the same month a year ago, while its exports surged 29.9 percent over the same period.
Direct use fell 28 percent m/m to 291,000 barrels per day, the biggest monthly decrease since October 2021.
Refinery intake fell 9.8 percent m/m to 2.506 million barrels per day, the biggest monthly drop since March 2020.
Oil stocks increased by 3.407 million barrels, or 2.5 percent m/m, the highest monthly gain since June 2020.
