Saudi production and exports hit 9-month low in March: JODI

London (Quantum Commodity Intelligence) - Saudi Arabia's crude oil production and exports hit a 9-month low in March at 8.138 million barrels per day (bpd) and 5.427 million bpd, respectively, after falling slightly from February, according to data released Monday by the Joint Organisations Data Initiative (JODI).

The data showed a dip of 0.1% for production and 3.5% for exports versus February.

Figures for both months were still significantly above last year's June nadir though, when production and exports were only 7.484 million bpd and 4.981 million bpd.

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 1mn bpd cut starting in February.

Cuts have been eased starting this year and Saudi is unwinding its voluntary cut this month, but the oil producer group is committed to keeping output down through to 2022 while economies restart.