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Saudi Arabia crude oil exports fall in March

Saudi Arabia’s crude oil exports in March fell to 7.235 million barrels per day, official data showed on Monday.

Crude oil exports in March fell about 1% from about 7.307 million bpd reported for February.

Meanwhile, the world’s largest oil exporter’s March crude production rose to its highest level in about two years at 10.300 million bpd from 10.225 million bpd in the previous month.

Saudi Arabia is on track to lift oil production capacity by more than 1 million bpd to over 13 million bpd by the end of 2026 or start of 2027, the energy minister said on Monday.

Saudi Arabia’s domestic crude refinery throughput rose 0.267 million bpd to 2.773 million bpd in March while direct crude burn rose 44,000 bpd to 335,000 bpd.

The country posted a budget surplus of $15.33 billion in the first three months of 2022, the finance ministry said, bolstered by a 58% jump in oil revenue as prices surged.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.
Source: Reuters (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Edmund Blair)

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