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Saudi Arabia's Feb crude oil output 10.1 million b/d, March to go lower: official

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Saudi Arabia's Feb crude oil output 10.1 million b/d, March to go lower: official

London — Saudi Arabia produced 10.1 million b/d of crude oil in February, well below its quota under an OPEC/non-OPEC supply accord of 10.31 million b/d, an official in the kingdom told S&P Global Platts on Friday.

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"March will be lower," the official added.

Related article - OPEC Feb crude oil output falls 60,000 b/d to 30.80 mil b/d: Platts survey

Saudi energy minister Khalid al-Falih said last month that March production would fall to 9.8 million b/d, with exports at 6.9 million b/d.

OPEC is set to reveal its members' February production levels in its monthly oil market report on Thursday. In last month's report, Saudi Arabia, OPEC's largest producer and the world's largest crude exporter, self-reported crude production of 10.24 million b/d for January.

Saudi Arabia has said it plans to lead the 24-country OPEC/non-OPEC coalition by example in its 1.2 million b/d production cut agreement, as analysts say it seeks higher oil prices to help fund domestic government spending. The cuts are scheduled to run through June.

The official told Platts that the kingdom supplied 10.01 million b/d to market in February, indicating that Saudi crude stocks built in the month. The supply to market figure includes exports, domestic refinery runs and domestic crude burn for power generation.

A key OPEC/non-OPEC monitoring committee chaired by Saudi Arabia and Russia will meet March 18 in Baku, Azerbaijan, while the next full OPEC meeting will be April 17 in Vienna, with Russia and the nine other non-OPEC partners joining talks a day later.

-- Herman Wang, herman.wang@spglobal.com

-- Edited by Jonathan Dart, newsdesk@spglobal.com

Spotting the big oil trends ahead of IP Week 2019

As traders are set to gather in London for IP Week, Platts reporters from across the barrel tell Joel Hanley which oil stories will be heard in the meetings and parties around town.

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