Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

SAUDI DATA: Saudi Arabia dips into crude stockpiles as exports decline

Agriculture | Energy | Coal | LNG | Oil | Crude Oil | Gasoline | Metals | Steel | Raw Materials | Shipping | Storage

Market Movers Asia, Apr 6-10: OPEC+ delays oil output cut talks; COVID-19 continues to disrupt markets

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Natural Gas | Oil | Petrochemicals | Aromatics | Polymers

Brazil's Braskem reports $708 million quarterly loss

SAUDI DATA: Saudi Arabia dips into crude stockpiles as exports decline

Highlights

Crude exports drop to 7.29 mil b/d from 7.37 mil

January crude stockpiles further decline to 153 mil barrels

Output, exports seen surging in April

Saudi Arabia, the world's largest crude exporter, further dipped into crude stockpiles in January as exports declined for the first time in four months, data released Wednesday by the Joint Organisations Data Initiative showed.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Exports dropped to 7.29 million b/d from 7.37 million b/d in December as it led OPEC+ in cutting supplies to the global market because of a surplus. Production rose to 9.75 million b/d from a three-month low of 9.59 million b/d in December, well below the kingdom's capacity.

Saudi Arabia is now set to embark on increasing supplies after OPEC+ talks to extend production cuts past March broke down last month. Saudi Aramco said earlier this month that it plans to supply 12.3 million b/d of crude to the market in April once its OPEC production quota expires and maintain a level of at least 12 million b/d production for the rest of 2020.

Saudi Arabia's energy minister instructed Saudi Aramco to continue to supply 12.3 million b/d of crude to the market "during the coming months," official news agency SPA reported Wednesday. The order came one day after the energy ministry said the kingdom would increase its crude exports to more than 10 million b/d over the next few months.

The kingdom has had to bolster its production to replace inventories drawn in the wake of the Abqaiq attacks in September. Stockpiles hit a 15-year low of 152.5 million barrels that month. They slipped at the end of January to 153.968 million barrels, the lowest since September, from 155.2 million barrels in December.

Domestic refinery runs dropped marginally to 2.2 million b/d in January from 2.23 million b/d in December.

Total Saudi oil product exports in January slumped to 748,000 b/d, the lowest since July 2014, from 1.05 million b/d the previous month.

The kingdom's direct use of crude burned for power generation slumped to 292,000 b/d from 374,000 b/d in December.

Combining the exports, refinery runs and direct-use figures indicates Saudi Arabia supplied 9.788 million b/d to the market, from 9.975 million barrels in December.

The JODI database is maintained by the Riyadh-based International Energy Forum.