Saudi Arabia’s crude oil exports fell in January for a second straight month, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
Crude exports from the world’s largest oil exporter dipped 0.2% to 6.297 million barrels per day (bpd), down from 6.308 million bpd in December. The country’s crude production rose to 8.956 million bpd from 8.944 million bpd in December.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website.
Data also showed that Saudi refineries’ crude throughput edged up 0.010 million bpd to 2.425 million bpd and direct crude burning rose by 5,000 bpd to 308,000 bpd in January.
OPEC and its allies, known as OPEC+, this month agreed to extend voluntary output cuts of 2.2 million bpd in a bid to boost prices.
Meanwhile, the International Energy Agency raised its view on 2024 oil demand growth for the fourth time since November, though it remains far less bullish than OPEC.
Earlier this month, Saudi Arabia slightly raised the official selling price of its flagship Arab Light crude to Asia for April, in line with market expectations.
(Reporting by Daksh Grover and Ashitha Shivaprasad in Bengaluru Editing by Mark Potter)