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Saudi Arabia Plans To Limit The First Quarter Of 2018 Crude Oil Exports

- Jan 26, 2018 -

Even though domestic refineries have gradually entered equipment maintenance, Saudi Arabia still plans to maintain crude oil exports in the first quarter of this year at about 7 million barrels per day. However, it also shows that Saudi Arabia, as the largest oil producer of the Organization of the Petroleum Exporting Countries (OPEC), will continue to follow the production cut.

On the other hand, Saudi Arabia plans to maintain crude oil production at around 9.8 million barrels a day for the first quarter of this year, below the level of 10.05 million barrels/day that Saudi Arabia promised in its bargaining agreement. As a staunch advocate of a cut in production, Saudi Arabia has set itself the example of limiting output in excess of the cut-rate commitments, making a significant contribution to the overall cutback.

According to OPEC secondary data sources, in December 2017 Saudi crude oil output fell 10.9 million barrels to 9918,000 barrels/day.

Exports, Saudi Arabia plans in January this year, oil exports 6.9 million barrels/day, December last year, Saudi exports of crude oil in November from just over 700 million barrels/day by 120,000 barrels/day, of which more than the United States exports of crude oil fell 10%.