Saudi crude exports, production at second-lowest level since 2010

London (Quantum Commodity Intelligence) - Saudi Arabia's crude oil exports dropped 0.35% in April to 5.408 million barrels per day (bpd), the lowest monthly figure since June last year and the second-lowest since August 2010, according to trade data released Thursday.

The world's largest oil exporter also saw production hit a 9-month low of 8.134 million bpd following a marginal 0.05% fall on the month.

This was also the second-lowest monthly output since September 2010.

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said Wednesday that he believes the country's cautious approach to increasing output following OPEC+ agreed cuts last year has been proved correct.

OPEC+ members agreed in April last year to drastic curtailments in production in order to prop up oil prices as the Covid-19 pandemic shocked the global economy to a standstill, with a peak in June when production was lowered by 9.7 million bpd.

Saudi Arabia also implemented an additional voluntary 1m bpd cut starting in February.