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Saudi crude stock draws continue, exports fall due to production cut

Highlights

Supplies to market fell to 8.241 million b/d in February

Output 8.15 b/d, following OPEC quota and voluntary cut

Closing stocks lowest since at least January 2002

Dubai — Saudi Arabia drew again on its crude stockpiles in February, while exports fell, reflecting the impact of its voluntary 1 million b/d production cut in addition to its OPEC+ production quota, figures from the Joint Organizations Data Initiative showed.

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The kingdom exported 5.63 million b/d in February, according to JODI data released April 19, down 957,000 b/d from January.

February saw the breaking of a seven-month run of increase that shipments since a long-term low of 4.98 million b/d in June when stringent OPEC+ production caps were in effect. It was the highest since April 2020.

Those cuts are being gradually tapered, though Saudi Arabia had pledged an extra unilateral 1 million b/d production cut for February, March and April to offset potential market weakness, which should cause a significant drop in exports those months.

Saudi Arabia pumped 8.15 b/d in February, down from 9.10 million b/d in January, reflecting its voluntary production cut, the JODI data showed.

Under the OPEC+ accord, Saudi Arabia's output quota was 9.12 million b/d in February -- the same level as its January quota.

With domestic refinery runs holding relatively steady at 2.281 million b/d in the month.

Saudi Arabia's crude inventories fell in February to their lowest since JODI began compiling the figures in January 2002.

Stocks ended the month at 134,572 million barrels, down from 137.21 million barrels at the end of January, according to JODI.

Combining exports, refinery intake and direct-use figures showed Saudi Arabia supplied 8.241 million b/d to the market in February down from 9.194 million b/d in January.

The country's oil product exports, including LPG , naphtha , motor and aviation fuels, kerosene and diesel, rose to 1.23 million b/d in February from 1.17 million b/d in January.

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